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The Google and HTC deal is official, it's just not quite what we were expecting. Google isn't buying HTC outright, à la Motorola, but is instead Google and HTC have "signed an agreement" to send some of HTC's employees over to Google, while HTC gets a $1.1 billion dollar cash infusion. The deal also includes a "non-exclusive license" for HTC's IP.

HTC is still an independent company, and will still manufacture smartphones. Google is just acquiring some of HTC's employees for its hardware team, but it won't be getting any factories.

On Google's side, the deal was announced by SVP of Hardware and former Motorola CEO Rick Osterloh. In a blog post, Osterloh says, "With this agreement, a team of HTC talent will join Google as part of the hardware organization. These future fellow Googlers are amazing folks we’ve already been working with closely on the Pixel smartphone line, and we're excited to see what we can do together as one team."

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