Huawei to buy out Symantec stake in joint venture
Huawei plans to buy out Symantec's 49 percent stake in a joint venture between the companies that provides security solutions for corporations for $US530 million.
The agreement is subject to regulatory approval, but analysts and company executives foresee few hurdles as the joint venture is based in Hong Kong. The deal is expected to close in the first quarter of 2012, Huawei said in a statement on Tuesday.
"The transaction involves a non-US headquartered joint venture in which Huawei is already the majority owner with a 51 percent share over the past four years," said Ross Gan, a spokesman from Huawei. "The majority of the assets and customers are located in China and other regions. This is not about the US," he said in an email.
