Huawei Technologies and Symantec announced an agreement on a transaction where Huawei will acquire Symantec’s 49% stake in Huawei Symantec Technologies worth $530 million.
Upon closing, the agreement will give Huawei full ownership of Huawei Symantec. Huawei Symantec is a Hong Kong-based joint venture established by Huawei and Symantec in 2008.The company provides customers with innovative security, storage and systems management solutions.
Over the past few months, Huawei and Symantec have held several rounds of discussions and negotiations over the future of the joint venture. Huawei and Symantec have mutually agreed that the next stage of growth for the joint venture would benefit from the direction of a single owner.