Huawei to acquire 100 per cent of Huawei Symantec JV

Huawei and Symantec Corp. announced an agreement on a transaction where Huawei will acquire Symantec’s 49 per cent stake in Huawei Symantec Technologies Co., Ltd. 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.

The agreement is subject to regulatory approvals and other customary closing conditions and is expected to close in the first quarter of 2012. Until the closing, Huawei and Symantec will continue to comply with their commitments under the existing joint venture agreements.