Symantec Confirms Sale of Huawei Symantec Joint Venture

Symantec Corp. has completed the sale of Symantec’s 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. The decision by Symantec 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. At the time, Huawei and Symantec mutually agreed that the next stage of growth for the joint venture would benefit from the direction of a single owner.

Symantec achieved the objectives set four years ago prior to forming the venture, exiting with a good return on its investment, increasing its market penetration into China and growing its appliance business.

Appliances remain an important part of Symantec’s strategy to offer customers choice and flexibility in how they use Symantec’s solutions to manage and protect digital information. Symantec will continue to focus on expanding its appliance business and creating appliance offerings.

China is one of Symantec’s fastest growing markets. Business for Symantec in China has grown 46 percent over the last three fiscal years. Symantec remains committed to ongoing investment in China and will continue to build relationships in the region.

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Huawei Acquires Symantec 49% Stake in Joint Venture
For $530 million