Huawei displays its products at an exhibition in Beijing. [CFP]
China's leading telecommunications equipment maker Huawei Technologies announced Monday that it plans to purchase the remaining 49 percent stake that it does not already own in a joint venture with US security software firm Symantec Corp for $530 million.
Vice chairman of Huawei Guo Ping said the security and storage technologies currently owned by the joint venture will facilitate Huawei's foray into the cloud computing market.
The joint venture, set up by Huawei and Symantec in Hong Kong in 2008, has lost money since its establishment, according to Symantec's most recent annual report filed with the U.S. Securities and Exchange Commission.
Huawei said the deal is awaiting approval from the regulators and is expected to be finalized in the first quarter of next year.
China's business press carried the story above on Tuesday.