To be precize, Google took over the complete mobile division of HTC. Their job in Google is now to design Google’s new Made By Google series devices. Ex-HTC team reportedly consists of high class specialists, experienced people who worked on devices such as HTC Touch and HTC One and not, as some people theorized, washed-up devs that HTC just wanted to get rid of.
That is great, but what with the remaining HTC? Well… we do not know. There are few theories online, for example some people believe that HTC will now concentrate on developing mobile software, but nobody knows anything for sure. Possibly selling Google part of their team was only means to make the ends meet before the company is closed down.