A Siemens representative said the money will be ring-fenced for use within the mobile division, and that Siemens has also agreed to spend £50m on BenQ shares.
“We are entering a win-win business,” said Siemens chief executive Klaus Kleinfeld. “BenQ is already positioned in the turbulent consumer segment.”
Under the deal, which will be completed by October, BenQ will take over all Siemens equipment, manufacturing, R&D facilities and intellectual property rights for its mobile unit. It will make BenQ the world’s fourth biggest handset manufacturer.
BenQ will also be Siemens’ preferred partner for end-to-end mobile communications.
“We are rapidly approaching our goal to become one of the world’s leading players in the mobile phone industry,” said BenQ chairman KY Lee.
The mobile phone division has lost £280m in the past six months.
Automation firms UiPath and Automation Anywhere close out their funding rounds with $265m and $300m respectively
View photos of last night's awards ceremony in London
View photos of all the winners from the 2018 Channel Awards
After a glittering awards evening in Battersea celebrating 25 years of the Awards, we are pleased to share the list of winners and judges' commended winners