LG announced last month that all options were on the table for its smartphone business, including a sale. The brand was reportedly in talks with several companies at the time, but one of the most prominent bidders has since pulled out.
LG has ended talks with VinGroup over the price
South Korean news outlet Korea Timesreports that LG and Vietnam-based VinGroup have ended their discussions about a partial sale of the LG Mobile Communications division after around a month of talks.Sources familiar with the situation claim VinGroup offered a lower price than first expected, so LG has now decided to move on and find another buyer. A representative for LG said all options are still on the table.
VinGroup, which sells smartphones under the VinSmart name, was interested in acquiring LG Mobile’s factories and facilities in both Vietnam and Brazil, per the report, as part of an effort to expand its business overseas.
The report failed to mention which companies are in the running now that VinGroup has been removed from the equation, but last month the likes of Google and Facebook were listed.
Display maker BOE expressed an interest too. LG has been working with BOE on rollable displays in recent months, but the associated LG Rollable project has since been paused.
A final decision regarding the future of LG’s smartphone business is expected in the coming months. Regardless of what happens, LG has promised to avoid layoffs by moving employees to other departments within the company.