Huawei has agreed to buy Symantec's 49 percent stake in their joint venture Huawei Symantec for USD 530 million. This will give Huawei 100 percent of the company. Based in Hong Kong and set up in 2008, Huawei Symantec provides security, storage and system management products for businesses. Symantec said it had achieved the goals of the venture, with an enhanced position in the Chinese market and a good return on its investment. Huawei said it will continue to invest in the company, as part of its efforts to expand on the enterprise market. The takeover is expected to close in the first quarter of 2012, subject to regulatory approval.
