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Huawei to take over Symantec joint venture

Huawei to pay $530m to gain full control of Huawei Symantec JV

Huawei already held the controlling share in the joint venture, but will now take complete control.
Huawei already held the controlling share in the joint venture, but will now take complete control.

Huawei is set to buy out Symantec from their joint venture for $530m, according to Reuters.

The Chinese networking giant will buy up Symantec’s 49% stake in their joint venture, which was established in Hong Kong in 2008.

The joint venture was intended to give Huawei access to western markets, and give Symantec access to Chinese markets and Huawei’s expertise in appliances.

The deal to sell the loss-making business is expected to close in the first quarter of next year, subject to regulatory approvals.