Friday, March 30, 2012

Symantec Completes Sale of JV To Huawei

Mountain View-based Symantec said this morning that it has completed its sale of its 49 percent stake in Huawei Symantec Technologies Co., Ltd., to Huawei for $530M. Symantec had announced it would sell the joint venture in November of 2011. The two had originally created the joint venture in 2008. Symantec had originally inked the deal to penetrate the Chinese market and appliance business; however, the firm said it decided to sell because the two firms decided the joint venture would "benefit from the direction of a single owner."