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Symantec Completes Sale of Huawei Symantec Joint Venture to Huawei(March 30, 2012)
MOUNTAIN VIEW, CA -- (Marketwire) -- 03/30/12 -- Symantec Corp. (NASDAQ: SYMC) today announced it has completed the sale of Symantec's 49 percent stake in Huawei Symantec Technologies Co., Ltd. (Huawei Symantec) to Huawei for USD $530 million. The completion of the sale liquidates Symantec's ownership interest in the joint venture and gives Huawei sole proprietorship over all elements of the joint venture entity.
Huawei Symantec was a Hong Kong-based joint venture established by Huawei and Symantec in 2008. The decision by Symantec to sell its stake in the joint venture in November 2011 was made after several rounds of discussion and negotiations over the future of the joint venture. At the time, Huawei and Symantec mutually agreed that the next stage of growth for the joint venture would benefit from the direction of a single owner. Symantec achieved the objectives set four years ago prior to forming the venture, exiting with a good return on its investment, increasing its market penetration into China and growing its appliance business.
Appliances remain an important part of Symantec's strategy to offer customers greater choice and flexibility in how they use Symantec's solutions to manage and protect digital information. Symantec will continue to focus on expanding its appliance business and creating industry-leading appliance offerings.
China is one of Symantec's fastest growing markets. Business for Symantec in China has grown 46 percent over the last three fiscal years. Symantec remains committed to ongoing investment in China and will continue to build relationships in the region.
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.
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