Huawei will pay Symantec $530m to acquire remaining 49% stake
Hong Kong-based Huawei has announced on Tuesday that it intends to acquire Symantec’s 49% stake in Huawei Symantec Technologies for $530m.
The agreement, on its closure, will give Huawei full ownership of Huawei Symantec.
Huawei Symantec is a joint venture established by Huawei and Symantec in 2008. This company offers security, storage and systems management solutions.
Guo Ping, deputy chairman of Huawei, said, "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 leading position in cloud computing."
Ping added that Huawei would continue to increase investment in Huawei Symantec to reaffirm its commitment to customers.
The agreement, subject to regulatory approvals and other customary closing conditions, is expected to close in the first quarter of 2012.