Huawei, Symantec finalize storage, security JV
The new company will develop and distribute 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.
The joint venture company is headquartered in Chengdu, China, with Huawei owning 51 percent and Symantec owning 49 percent. John Thompson, chairman and CEO of Symantec, has been named chairman of the board and Ren ZhengFei, CEO of Huawei, has been named CEO.
Huawei is licensing certain technology to the JV company. Symantec will license certain storage and security software and contribute $150 million to the JV.
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