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People's Daily Online>>China Business

Huawei buys Symantec's share of joint venture

By Liu Yuxin (Beijing Daily)

16:32, November 17, 2011

Edited and translated by People's Daily Online

Beijing, Nov.17 (People's Daily Online) -- A joint venture founded by the Huawei Technologies Corporation and Symantec Corporation will be wholly owned by the Huawei in the future.

In a statement published on Nov. 15, Huawei declared that the two corporations have reached an agreement in which Huawei will buy the 49 percent of shares held by the Symantec Corporation at a price of about 530 million U.S. dollars or 3.4 billion yuan.

Huawei Symantec Technologies Corporation is a high-tech company jointly founded by Huawei and the anti-virus software developer Symantec in Hong Kong in 2008. Its main products are anti-virus software and storage devices.

However, the joint venture has been suffering losses since its founding. Analysts believe that it is actually not a bad choice for the Symantec to safely withdraw from the joint venture with a big sum of money.

The transaction will be submitted to authorities for approval and be completed in the first quarter of 2012. Before the transaction is completed, Huawei and the Symantec will still comply with the current joint venture agreement.

The acting board chairman of the Huawei Guo Ping said in the statement that integrating the innovative security and storage technologies of Symantec and the products of the Huawei will help the Huawei maintain its lead in the emerging technology of cloud computing. He also said that Huawei will increase investment in Huawei Symantec.

 
 
 
 
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