Tuesday, April 15, 2008

Huawei and Symantec Joint Venture

CUPERTINO, Calif. and SHENZHEN, China – Symantec Corp. (Nasdaq: SYMC) and Huawei Technologies Co., Ltd. (Huawei) announced that they have commenced their joint venture, which was announced in May 2007. The new company will develop and distribute world-leading security and storage appliances to global telecommunications carriers and enterprises. The transaction has satisfied all closing conditions, received all required government and regulatory approvals and officially closed on Feb. 5, 2008.

The joint venture company is headquartered in Chengdu, China, with Huawei owning 51 percent and Symantec owning 49 percent. John W. Thompson, chairman and chief executive officer of Symantec, has been named chairman of the board and Ren ZhengFei, chief executive officer of Huawei, has been named chief executive officer.

Huawei is licensing certain technology and Symantec is licensing certain storage and security software to the joint venture company. Symantec is also contributing US$150 million to the joint venture.

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