Huawei to take over Symantec joint venture

Huawei to pay $530m to gain full control of Huawei Symantec JV
Huawei is set to buy Symantec's stake in the two firm's joint venture.
Huawei is set to buy Symantec's stake in the two firm's joint venture.

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Chinese vendor Huawei is set to buy Symantec's stake in their joint venture, Huawei Symantec Technologies Co, for $53 million.

Huawei will buy up the US security and storage firm’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.

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