LG announced in January that all options were on the table for its smartphone division, including a sale. At the time, the company allegedly discussed the sale with several interested parties, but apparently it "didn't work out" with one of the most serious ones.
The Korea Times website reported that LG and Vietnamese conglomerate VinGroup have ended negotiations for a partial sale of LG Mobile Communications after about a month of talks. According to sources familiar with the situation, the negotiations broke down because the Vietnamese giant offered a lower price than LG originally expected. The South Korean tech giant is said to have decided at this point to move on and look for another buyer.
At the moment, it is not known who might be interested in LG's smartphone business, but last month "backdoors" mentioned, for example, Google or Facebook. The Chinese company BOE, which has been working with LG in recent months on a rollable display for its LG Rollable smartphone, has also reportedly shown interest. However, this project has now been put on hold according to anecdotal reports, so it is not certain that LG will ever show the world the device.
LG's smartphone division has been financially unsuccessful for a long time. Since 2015, it has reported a loss of 5 trillion won (roughly 95 billion crowns), while the other divisions had at least solid financial results. A final decision on her fate should be made in the coming months.
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