China’s Huawei to buy Symantec stakeNovember 15th, 2011 - 1:33 pm ICT by IANS
Beijing, Nov 15 (IANS) Chinese telecom company Huawei Technologies Co. said Tuesday it will pay $530 million for full ownership of the company’s current joint venture with US computer software security firm Symantec.
The firm will buy the 49 percent stake in the company that was owned by Symantec, according to a statement posted on Huawei’s website.
Upon closing, the deal will put Hong-Kong-based Huawei Symantec Technologies Co. Ltd. solely into the hands of Huawei, reported Xinhua.
The deal is subject to regulatory approval and is expected to be closed in the first quarter of 2012, Huawei said.
The joint venture, established in 2008 by Huawei and Symantec, aims to provide innovative security, storage and systems management solutions. It has research and development centres in the Chinese cities of Beijing, Shenzhen, Chengdu and Hangzhou.
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