Huawei buys Symantec out of security JV

Upwardly-mobile networking vendor Huawei has bought out Symantec's 49% share in the Huawei Symantec joint venture for$530m (£334m). The JV was set up in 2008 to develop security, storage and systems management, and partly to help Symantec establish a beachhead in China, an objective the securi

Upwardly-mobile networking vendor Huawei has bought out Symantec's 49% share in the Huawei Symantec joint venture for $530m (£334m).

The JV was set up in 2008 to develop security, storage and systems management, and partly to help Symantec establish a beachhead in China, an objective the security giant feels it has now achieved.

Symantec president and CEO Enrique Salem said that China was now one of its largest markets, growing 46% over the last three fiscal years.

"We exit the joint venture with a good return on our investment, increased penetration into China and a growing appliance business," he said.

In a statement the duo said they had mutually agreed that the next stage of the firm's growth would benefit from "the direction of a single owner".

Huawei deputy chairman Guo Ping claimed the full integration of the unit into the firm would reinforce its "leading position" in cloud computing.

Huawei Symantec has yet to make a major impact in the UK, but with Huawei's gathering strength in these parts it has designs on the public sector, and recently signed a deal with education specialist Stone to try to crack the market.

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