Telecom Lead America: Symantec has completed its 49
percent stake divestment in Huawei Symantec Technologies to Chinese telecom
equipment Huawei for $530 million.
In November 2011, Huawei and Symantec announced their
decision to split.
Huawei and Symantec 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.
For Symantec, appliances remain an important part of main
strategy to offer customers greater choice and flexibility. 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.