Google bets big on hardware, to buy part of HTC's smartphone ops for $1 bn

Deal will not involve purchase of a direct stake, HTC will continue to run its remaining smartphone business

Alphabet Inc's Google will acquire part of Taiwanese smartphone maker HTC's smartphone operations for $1.1 billion, the companies said in a joint statement on Thursday.

Under the deal, Google will acquire a team of people who develop Pixel smartphones for the US firm and receive a non-exclusive license for the Taiwanese firm's intellectual property.

The transaction, which is subject to regulatory approvals, is expected to close by early 2018.

The deal will not involve the purchase of a direct stake and HTC will continue to run its remaining smartphone business, a source said, declining to be named as the information was not publicly