Symantec Corp. and Huawei Technologies Co. Ltd. said Monday they are forming a joint venture company that will develop and distribute security and storage appliances to telecommunications carriers and enterprises.
The new company will be headquartered in Chengdu, China, with Huawei a owning 51 percent stake of the new company and Symantec owning 49 percent, the companies said.
Huawei will contribute its telecommunications storage and security businesses and its intellectual property licenses, research and development resources and engineering staff. Symantec will contribute some of its storage and security software licenses, working capital and its management experience into the new company. It also will contribute $150 million toward the venture's growth and expansion.
The joint venture is expected to close late this year pending typical required regulatory and governmental approvals, the companies said.
Huawei Technologies Co. Ltd. www.huawei.com
Symantec Corp. www.symantec.com
