Google to buy part of HTC's smartphone operations for $1.1 billion

TAIPEI (Reuters) - Alphabet Inc's Google will acquire part of Taiwanese smartphone maker HTC's smartphone operations for $1.1 billion, the companies said in a joint statement on Thursday.

Under the deal, Google will acquire a team of people who develop Pixel smartphones for the U.S. firm and receive a non-exclusive license for the Taiwanese firm's intellectual property.

The transaction, which is subject to regulatory approvals, is expected to close by early 2018.

(Reporting by Jess Macy Yu; Writing by Lee Chyen Yee; Editing by Edwina Gibbs)