Citing deteriorating market conditions and a weak economy, Huawei has reconsidered its decision to auction off a stake in its mobile devices division, according to the Wall Street Journal.
Huawei had hoped to bring in a private equity firm to help grow the business in the U.S. market. Originally, five companies submitted their names. Then last week, only two of the five bidders – Bain Capital Partners and Silver Lake – actually submitted offers.
The tepid response caused the company to cancel the auction, but it claims it could re-attempt the effort when the economy improves.