Huawei and Symantec have announced an agreement where Huawei will acquire Symantec’s 49% stake in Huawei Symantec Technologies for US$ 530 million. Upon closing, the agreement will give Huawei full ownership of Huawei Symantec.
“Huawei Symantec is a Hong Kong-based joint venture established by Huawei and Symantec in 2008. The company provides customers with security, storage and systems management solutions. Over the past few months, Huawei and Symantec have held several rounds of discussions and negotiations over the future of the joint venture. Huawei and Symantec have mutually agreed that the next stage of growth for the joint venture would benefit from the direction of a single owner.
“I am thrilled that Huawei Symantec will become a key pillar of Huawei’s ICT solutions. The integration of Huawei Symantec’s innovative security and storage technology with Huawei’s enterprise products will reinforce Huawei’s position in cloud computing,” said Guo Ping, Deputy Chairman of Huawei.
“Symantec achieved the objectives we set four years ago and exited the joint venture with a good return on our investment, increased penetration into China and a growing appliance business,” said Enrique Salem, President and Chief Executive Officer, Symantec. “China is one of Symantec’s fastest growing markets. It has grown 46 percent over the last three fiscal years.”
The agreement is subject to regulatory approvals and other customary closing conditions and is expected to close in the first quarter of 2012.