Mergers and Acquistions News
Categories: Telecoms
November 15th 2011, 15:57PM
Huawei Technologies has agreed a deal to acquire Symantec's part of their joint venture for a fee of $530 million (£335 million), it has emerged.
The Hong Kong-based global telecoms solutions provider will purchase the remaining 49 per cent of the combined company it does not already own as it seeks to expand its market share in the US still further.
Huawei and Symantec came together three years ago in order to combine their expertise and become a more rounded organisation, as the former company provided telecommunications specialties while the latter held knowledge in security software.
However, this joint venture is now over as the firms have decided the body would be best suited moving forward under one brand name.
Enrique Salem, chief executive officer of Symantec, said: "If we were going to continue to grow that business and be more competitive in the global market, it would have required us to continue to increase our investments."
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