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Under the deal, Siemens will pay BenQ America Corp. $307 million and buy $61 million worth of BenQ shares. In total, Siemens said it would take a pretax charge of 350 million euros ($430 million) to unload its failing phone business.
The deal will let BenQ expand its business from Asia into Europe and Latin America, said officials. Siemens phone business will remain in Munich, Germany, and BenQ will retain rights to market and sell phones under the Siemens brand for five years.
Pending approval, the deal is expected to close by October.
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