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Symantec Completes Exit From Hong Kong JV

Symantec Completes Exit From Hong Kong JV - top government contractors - best government contracting event

Symantec Completes Exit From Hong Kong JV - top government contractors - best government contracting eventSymantec Corp. has sold its stake in a Hong Kong-based joint venture to its former Chinese telecommunications partner for $530 million, the U.S. security company announced Friday.

The companies established Huawei-Symantec Technologies Co. Ltd. in 2008, with Symantec owning 49 percent and Huawei owning 51 percent.

Huawei now maintains sole proprietorship of all the venture’s elements, including more than 900 patents.

The companies originally announced the buyout in November of last year.

Each company initially put up $150 million to start the venture, with Symantec aiming to increase its penetration into the Chinese market and grow its appliance business.

Symantec said in its announcement that its business in China has grown 46 percent over the past three fiscal and that it leaves the venture with a positive return on its original investment.

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