With around 8,000 employees and USD 3.1 billion in annual revenue, the new H3C will be market leader in China in networking and a leader in servers, storage and technology services, HP said. The company will be able to leverage Tsinghua's research capacity to expand further its portfolio.
The new H3C will become a subsidiary of Unisplendour, a publicly traded operating subsidiary of Tsinghua Holdings, the asset management arm of Tsinghua University in China. Unisplendour is among the top software vendors and system integrators in China, and has been in a long-term strategic distribution partnership with HP since 1999. Until the close, Henry Tso will continue to lead H3C Technologies' networking business and Ye Jian will continue to lead HP China's Server, Storage and Technology Services businesses. Separately, Robert Mao will remain the chairman of HP China. All three leaders will help pick the management team for the new organization.
The transaction is expected to close near the end of 2015, subject to Unisplendour shareholder vote, regulatory approvals and other closing conditions. HP China will maintain 100 percent ownership of its existing China-based Enterprise Services, Software, HP Helion Cloud, Aruba Networks, Printing and Personal Systems businesses. Once the transaction closes, H3C will be HP's exclusive hardware support services provider in China.
