Google hardware executive Rick Osterloh and HTC CEO Cher Wang during a news conference. September 21, 2017. REUTERS/Tyrone Siu

In the second week of September, we heard the rumors about Google acquisition of HTC and people were wondering how would it look like. In the end, it turns out Google is only taking out the Pixel business from HTC, leaving the rest to continue making smartphones.

Google on Thursday confirmed the acquisition and said that it is paying HTC $1.1 billion in the deal, which involves the transfer of an unspecified number of employees from HTC – who have been working on the Pixel phones – to Google. In addition to the team, Google is also getting non-exclusive license for HTC intellectual property to use in the hardware designed at Google.

HTC, after giving up the Pixel team, says this deal reinforces its commitment to its own branded smartphones. Both the companies expect to have the deal finalized by early 2018, pending the usual regulatory approvals.

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