According to the latest news, instead of selling its mobile communications business, LG Electronics might be closing it. As per reports, the negotiations regarding the sale of the smartphone unit have failed.

DongA Ilbo (Via Bloomberg) reported that the South Korean tech giant’s plans on selling its mobile phone business have failed. LG Electronics tried to negotiate the sell off deal with the likes of Germany’s Volkswagen AG and Vietnam’s Vingroup JSC but however, the deals are now taken off the table.

Earlier this year, LG Electronics CEO stated that the company is considering all options for its loss making business and since then it was reported that the company is looking for selling its smartphone unit.

In February, LG halted the development of its upcoming smartphone with a rollable display. Now, recent reports are suggesting that the brand will also cancel any new smartphone launch at least within the first half of 2021. In simple words, as of now, LG is effectively stopping any new devices from rolling out. Some reports also suggest that the company will share its decision to the public and to its employees as soon as early April.

It should be noted that a recent Bluetooth SIG certification has given hope for LG’s upcoming rollable smartphone’s launch. According to a company spokesperson, the handset’s development has not been suspended yet. Unfortunately, these are still unconfirmed reports so it is recommended to digest these with a pinch of salt and stay tuned for more concrete news. We will update additional information as soon as something pops in this regard.

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