Thursday, March 29, 2012

Symantec Completes Sale of stake in Huawei Symantec Joint Venture

Symantec completed the previously announced sale of its 49 percent stake in Huawei Symantec Technologies Co., Ltd. (Huawei Symantec) to Huawei for USD $530 million. The completion of the sale liquidates Symantec’s ownership interest in the joint venture and gives Huawei sole proprietorship over all elements of the joint venture entity.

Huawei Symantec was a Hong Kong-based joint venture established by Huawei and Symantec in 2008.

Symantec said its decision to sell its stake in the joint venture in November 2011 as made after several rounds of discussion and negotiations over the future of the joint venture. The company also noted that it achieved a "good return on its investment" and that it remains committed to China, where its own business has grown 46 percent over the last three fiscal years.

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