Huawei Tech to buy Symantec's stake in joint venture for $530 million

Huawei is bolstering its cloud computing capabilities with Symantec's security and storage technology. Symantec has lost over $123 million for its share of the venture, yet claims to have received a good return on its investment despite the cost. They plan to continue investing in China, following the sale of this 49 percent stake in Huawei Symantec. The Hong Kong-based joint venture specialized in security, storage, and systems management tech. In response to the sale, Symantec shares rose 2.8 percent to $17.40.

 

SOURCE: Reuters