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Google and HTC have just reached a $1.1 billion deal in which HTC transfers over some of their employees who are currently working with Google to develop the Pixel smartphones. In addition, HTC will provide access to HTC’s intellectually property in a non-exclusive licensing agreement.

“As a pioneer of the smartphone market, we are very proud of our history of innovation. Our unmatched smartphone value chain, including our IP portfolio, and world-class talent and system integration capabilities, have supported Google in bolstering the Android market,” said Cher Wang, Chairwoman and CEO of HTC in a press release. “This agreement is a brilliant next step in our longstanding partnership, enabling Google to supercharge their hardware business while ensuring continued innovation within our HTC smartphone and VIVE virtual reality businesses. We believe HTC is well positioned to maintain our rich legacy of innovation and realize the potential of a new generation of connected products and services.”

This is a huge agreement as HTC receives $1.1 billion which can help further build out their VR portfolio and invest in the vertical. Google and HTC have also partnered up to release a standalone VR headset this holiday season. The HMD will be tetherless and won’t require a smartphone to operate.

“HTC has been a longtime partner of Google and has created some of the most beautiful, premium devices on the market,” said Rick Osterloh, Senior Vice President of Hardware at Google. “We’re excited and can’t wait to welcome members of the HTC team who will be joining Google to fuel further innovation and future product development in consumer hardware.”

This transaction and agreement is subject to regulatory approvals and customary closing conditions. The deal is expected to close by early 2018. With this new agreement, it shuts down all rumors about HTC possibly selling the company.

Let us know your thoughts on the new agreement and deal.