Huawei completes business negotiations over Symantec JV
Huawei will buy the remaining 49 per cent it does not already own in Huawei Symantec for $530 million.
A series of business negotiations may have taken place after Huawei Technologies announced it is to buy Symantec's 49 per cent share in a joint venture (JV) for $530 million (£331 million).
Established in 2008, the JV provided security, storage and systems management solutions.
A number of rounds of discussions have taken place over recent months in an effort to decide the best way forward for it, with a single owner being the eventual outcome of these consultations.
Guo Ping, deputy chairman of Huawei - which serves over one-third of the world's population - noted the JV has achieved "tremendous success".
"I am thrilled that Huawei Symantec will become a key pillar of Huawei's ICT solutions. [The move] will reinforce Huawei's leading position in cloud computing," he added.
It is expected that the transaction will be completed in the first quarter of 2012, provided it receives the necessary regulatory approval.
Posted by Edel Quinn
Source: Huawei press release, November 14th