Feb 25th, 2021

In January after teasing its rollable smartphone at CES, LG dropped a bomb on all of us when they announced that they might be looking to exit the smartphone business. The company’s much-anticipated rollable smartphone project has also been put on hold while LG is presumably trying to wind things down.

Unfortunately, it seems that despite the years of experience and built-up reputation, LG still can’t find a buyer for their smartphone business. A report from Korea Times has revealed that talks with Vietnam-based company VinGroup have fallen through and that after a month of discussions, the company will not be buying LG’s smartphone business.

For a bit of context, VinGroup was initially reported to be the frontrunner to purchase LG’s smartphone division in a bid to help them expand to overseas markets where LG phones are sold in. The report claims that VinGroup had offered a price that was lower than what LG was looking for in their sale, which is why those talks have since concluded.

There is no word on who else might be keen on acquiring LG’s smartphone division, but it was previously reported that Google and Facebook could be interested as well. Google’s acquisition could be an interesting one as they had previously bought out HTC’s smartphone division, so acquiring LG could help them boost their smartphone making capabilities.

In any case, it looks like for now, LG will be holding onto their smartphone division until a suitable buyer comes along.

Source: PhoneArena

local_offer    LG  

stars Further Reading