BenQ Mobile Formally Starts Operations

The mobile phone vendor will be headquartered in Munich Germany and starts business with 7000 employees and what it claims is a 5.2 percent market share in the worldwide mobile phone business. That would make it the sixth largest mobile phone vendor, the company claimed in a statement.

"We are happy with this partnership which combines the strengths of our two organizations allowing us to benefit from each other and making the best of both,” Clemens Joos, CEO of BenQ Mobile, said in a statement.

Under the terms of the acquisition, BenQ Mobile can use the Siemens brand name for 18 months. In addition, it can use a combined brand name for five years. The company said in a statement it will roll out a combined brand name next spring.