World's No.2 telecoms equipment maker Huawei Technologies is seeking to buy Symantec Corp's 49 percent stake for $530 million in a joint venture, sources informed.
The deal will give Huawei full ownership of Huawei Symantec Technologies Co. which is a Hong Kong-based joint venture formed in 2008. The goal of this joint venture was to design network security, storage and systems management solutions for telecom carriers and enterprise customers. Both Huawei and Symantec contributed around $150 million each at that time in the venture.
It is observed that the Huawei Symantec Technologies Co. is going to be a non-US headquartered joint venture in which Huawei is already the majority owner with a 51 per cent share over the past four years.
A person having detailed information has stated that both Huawei and Symantec had talks over the past few months on the future of the venture and decided that it would be beneficial for both the firms. But, analysts and company executives are foreseeing few hurdles.
Ross Gan, a spokesman from Huawei stated, the company will soon brief relevant government stakeholders as part of the routine regulatory approval process. And, the deal is expected to be closed in the first quarter of 2012.
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