Google and HTC have simply reached a $1.1 billion deal wherein HTC transfers over a few of their staff who’re presently working with Google to develop the Pixel smartphones. As well as, HTC will present entry to HTC’s intellectually property in a non-exclusive licensing settlement.

“As a pioneer of the smartphone market, we are very proud of our history of innovation. Our unmatched smartphone value chain, including our IP portfolio, and world-class talent and system integration capabilities, have supported Google in bolstering the Android market,” said Cher Wang, Chairwoman and CEO of HTC in a press launch. “This agreement is a brilliant next step in our longstanding partnership, enabling Google to supercharge their hardware business while ensuring continued innovation within our HTC smartphone and VIVE virtual reality businesses. We believe HTC is well positioned to maintain our rich legacy of innovation and realize the potential of a new generation of connected products and services.”

It is a big settlement as HTC receives $1.1 billion which may also help additional construct out their VR portfolio and put money into the vertical. Google and HTC have also partnered up to release a standalone VR headset this vacation season. The HMD might be tetherless and gained’t require a smartphone to function.

“HTC has been a longtime partner of Google and has created some of the most beautiful, premium devices on the market,” mentioned Rick Osterloh, Senior Vice President of at Google. “We’re excited and can’t wait to welcome members of the HTC team who will be joining Google to fuel further innovation and future product development in consumer hardware.”

This transaction and settlement is topic to regulatory approvals and customary closing situations. The deal is predicted to shut by early 2018. With this new settlement, it shuts down all rumors about HTC presumably promoting the corporate.

Tell us your ideas on the brand new settlement and deal.

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