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Huawei to Buy Symantec Out of Joint Venture for $530M

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Nov 15, 2011, 8:58 AM   by Eric M. Zeman

Huawei has agreed to buy the 49% stake in its Huawei-Symantec joint venture from Symantec for approximately $530 million. The two companies formed the joint venture in February 2008 and it has lost money ever since. Huawei believes that by owning the entire venture, it will shore up its ability to support business customers. Huawei has been blocked from acquiring certain companies in the U.S. due to security concerns. Having full control over the Huawei-Symantec joint venture adds to its own security products. The business was set up and operated in Hong Kong, but is still subject to regulatory approval in the U.S. Huawei expects the deal to close in early 2012.

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Nov 16, 2011, 6:42 PM

A Chinese company--

--with ties to the Chinese government owning a part of one our leading network security companies?

That's rich.
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