|Page (1) of 1 - 11/14/11||email article||print page|
Huawei Acquires Symantec Stake in Huawei Symantec Joint Venture(November 14, 2011)
MOUNTAIN VIEW, CA and SHENZHEN, CHINA -- (Marketwire) -- 11/14/11 -- Huawei Technologies Co., Ltd. (Huawei) and Symantec Corp. (NASDAQ: SYMC) today announced an agreement on a transaction where Huawei will acquire Symantec's 49 percent stake in Huawei Symantec Technologies Co., Ltd. (Huawei Symantec) for USD $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.
"I am thrilled that Huawei Symantec will become a key pillar of Huawei's ICT solutions. The integration of Huawei Symantec's innovative security and storage technology with Huawei's enterprise products will reinforce Huawei's leading position in cloud computing," said Guo Ping, Deputy Chairman of Huawei. "Huawei Symantec has achieved tremendous success in the past four years, having built a portfolio of products and solutions that are widely recognized by our customers and business partners. Looking ahead, Huawei will continue to increase investment in Huawei Symantec, reaffirming its commitment to customers."
"Symantec achieved the objectives we set four years ago and exit the joint venture with a good return on our investment, increased penetration into China and a growing appliance business," said Enrique Salem, president and chief executive officer, Symantec. "Today, China is one of Symantec's fastest growing markets. It has grown 46 percent over the last three fiscal years. We remain committed to ongoing investment in China as well as building additional relationships in the region. Expertise gained from this endeavor has also led to our growing appliance business that provides our customers the additional choice of Symantec market leading security and storage software in an easy to deploy appliance."
The agreement is subject to regulatory approvals and other customary closing conditions and is expected to close in the first quarter of 2012. Until the closing, Huawei and Symantec will continue to comply with their commitments under the existing joint venture agreements.
Webcast and Conference Call Information
Symantec will host a conference call and webcast today at 2 p.m. PT / 5 p.m. ET to discuss the sale of Symantec's shares of the Huawei Symantec joint venture. The live discussion can be accessed by dialing 888-726-2470 domestic and 913-312-1430 internationally, passcode 2427376. An audio webcast of the call will also be available at www.symantec.com/invest. Please go to the website at least 15 minutes early to register, download and install any necessary audio software. A replay of the call will be available via webcast at www.symantec.com/invest.
Huawei is a leading global information and communications technology (ICT) solutions provider. Through our dedication to customer-centric innovation and strong partnerships, we have established end-to-end advantages in telecom networks, devices and cloud computing. We are committed to creating maximum value for telecom operators, enterprises and consumers by providing competitive solutions and services. Our products and solutions have been deployed in over 140 countries, serving more than one third of the world's population.
For more information, visit Huawei online: www.huawei.com.
Follow us on Twitter: www.twitter.com/huaweipress
And YouTube: http://www.youtube.com/user/HuaweiPress.
Symantec is a global leader in providing security, storage and systems management solutions to help consumers and organizations secure and manage their information-driven world. Our software and services protect against more risks at more points, more completely and efficiently, enabling confidence wherever information is used or stored. More information is available at www.symantec.com.
NOTE TO EDITORS: If you would like additional information on Symantec Corporation and its products, please visit the Symantec News Room at http://www.symantec.com/news. All prices noted are in U.S. dollars and are valid only in the United States.
Symantec and the Symantec Logo are trademarks or registered trademarks of Symantec Corporation or its affiliates in the U.S. and other countries. Other names may be trademarks of their respective owners.
FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of U.S. federal securities laws, including expectations regarding the closing of the sale of Symantec's interest in the joint venture, that involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied in this press release. Such risk factors include the satisfaction of closing conditions to the transaction. Actual results may differ materially from those contained in the forward-looking statements contained in this press release. Additional information concerning these and other risk factors is contained in the Risk Factors section of Symantec's most recently filed Form 10-K. Symantec assumes no obligation to update any forward-looking statement contained in this press release. The contents of the Symantec website shall not be deemed incorporated by reference into this press release. Any forward-looking indication of plans for products is preliminary and all future release dates are tentative and are subject to change.
Symantec Corp., Corporate Communications
Huawei, Corporate Communications
Copyright @ Marketwire
Related Keywords: Symantec, USA,China,Marketwire, ,Business,china,Other,