Firstpost
  • Home
  • Video Shows
    Vantage Firstpost America Firstpost Africa First Sports
  • World
    US News
  • Explainers
  • News
    India Opinion Cricket Tech Entertainment Sports Health Photostories
  • Asia Cup 2025
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
Trending:
  • Nepal protests
  • Nepal Protests Live
  • Vice-presidential elections
  • iPhone 17
  • IND vs PAK cricket
  • Israel-Hamas war
fp-logo
Huawei Buys Symantec Stake In JV For $530 Mn
Whatsapp Facebook Twitter
Whatsapp Facebook Twitter
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
  • Home
  • Business
  • Biztech
  • Huawei Buys Symantec Stake In JV For $530 Mn

Huawei Buys Symantec Stake In JV For $530 Mn

FP Archives • February 2, 2017, 23:18:15 IST
Whatsapp Facebook Twitter

The aim of the JV was to provide and develop network security, storage and systems management solutions to telecom carriers and enterprise customers.

Advertisement
Subscribe Join Us
Add as a preferred source on Google
On
Google
Prefer
Firstpost
Huawei Buys Symantec Stake In JV For $530 Mn

Huawei Technologies, the world’s No.2 telecoms equipment maker, plans to buy Symantec Corp’s 49 percent stake for $530 million in a joint venture between the companies that provides security solutions for corporations. The agreement is subject to regulatory approval, but analysts and company executives foresee few hurdles as the joint venture is based in of Hong Kong. The deal is expected to close in the first quarter of 2012, Huawei said in a statement.

STORY CONTINUES BELOW THIS AD

“The transaction involves a non-U.S. 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 U.S.,” he said in an email. Gan said Huawei would brief relevant government stakeholders as part of the routine regulatory approval process for such transactions based on the local laws and regulations that apply.

More from Biztech
Future Group - Reliance Retail Deal approved by CCI Future Group - Reliance Retail Deal approved by CCI RBI ban on cryptocurrencies takes effect; prohibition could force investors to tap the black market RBI ban on cryptocurrencies takes effect; prohibition could force investors to tap the black market

Shenzhen-based Huawei and smaller crosstown rival ZTE Corp have previously encountered obstacles in clinching some deals in the United States due to national security concerns. For Huawei, the concerns also stem from its founder and CEO Ren Zhengfei, who is a former Chinese military officer. Earlier this year, Huawei backed away from its acquisition of U.S. server technology company 3Leaf’s assets, bowing to pressure from a U.S. government panel that suggested it should divest the assets. In 2008, Huawei gave up a bid for U.S. networking equipment company 3Com, while in 2010, a group of Republican lawmakers raised national security concerns about Huawei’s bid to supply mobile telecommunications equipment to Sprint Nextel Corp. But this case is different, as the joint venture Huawei Symantec was set up in Hong Kong by Huawei and U.S. security software firm Symantec in 2008.

The aim of the joint venture was to provide and develop network security, storage and systems management solutions to telecom carriers and enterprise customers. The venture, in which both Huawei and Symantec contributed around $150 million each at that time, has R&D centres in Chinese cities such as Beijing and Shenzhen and Silicon Valley in the United States, according to the company’s web site. “It’s a good thing for Symantec in that it’s been a drag to their earnings per share. I’m sure its incrementally positive,” said Brian Freed, an analyst at Wunderlich Securities. “There shouldn’t be any political or regulatory issues related to this.”

The venture has lost money since it was set up in February 2008, according to Symantec’s most recent annual report filed with the U.S. Securities and Exchange Commission. Symantec posted $123 million in losses for its share of the venture’s losses from February 2008 to December 2010. Symantec achieved the objectives that it set out for the venture and is leaving with a good return on its investment, Symantec’s chief executive, Enrique Salem, said in the statement. The company will continue to invest in China, he added. Huawei said both companies had talks over the past few months on the future of the venture and decided that it would benefit from a single owner.

STORY CONTINUES BELOW THIS AD
Tags
telecom Huawei Security Management JV Symantec network Storage
End of Article
Written by FP Archives

see more

Latest News
Find us on YouTube
Subscribe
End of Article

Top Stories

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Top Shows

Vantage Firstpost America Firstpost Africa First Sports
Latest News About Firstpost
Most Searched Categories
  • Web Stories
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Tech/Auto
  • Entertainment
  • IPL 2025
NETWORK18 SITES
  • News18
  • Money Control
  • CNBC TV18
  • Forbes India
  • Advertise with us
  • Sitemap
Firstpost Logo

is on YouTube

Subscribe Now

Copyright @ 2024. Firstpost - All Rights Reserved

About Us Contact Us Privacy Policy Cookie Policy Terms Of Use
Home Video Shorts Live TV