In Chinese telecom equipment major Huawei Technologies plans to buy the remaining 49 percent stake in a joint venture with Symantec Corp that it does not already own for $530 million, reports Reuters.
The move by Huwawei is aimed at bolstering its corporate security solutions business.
According to the report, the deal allows Huawei to boost its product portfolio for its enterprise customers and helps Symantec improve its bottomline by dropping the loss-making business.
The deal is subject to approval from regulators in the United States, but the Reuters report quotes analysts and company executives as saying that there might be a few hiccups in the deal. This is because the joint venture, called Huawei Symantec, was set up in Hong Kong and Huawei already owns the majority stake.
Huawei expects the deal, which some analysts estimated could have been worth about $1 billion, to close in the first quarter of 2012, says the Reuters article.
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