MOUNTAIN VIEW, CA, Mar 30, 2012 (MARKETWIRE via COMTEX) --Symantec Corp. (NASDAQ: SYMC) today announced it has completed the
sale of Symantec's 49 percent stake in Huawei Symantec Technologies
Co., Ltd. (Huawei Symantec) to Huawei for USD $530 million. The
completion of the sale liquidates Symantec's ownership interest in
the joint venture and gives Huawei sole proprietorship over all
elements of the joint venture entity.
Huawei Symantec was a Hong Kong-based joint venture established by
Huawei and Symantec in 2008. The decision by Symantec to sell its
stake in the joint venture in November 2011 was made after several
rounds of discussion and negotiations over the future of the joint
venture. At the time, Huawei and Symantec mutually agreed that the
next stage of growth for the joint venture would benefit from the
direction of a single owner. Symantec achieved the objectives set
four years ago prior to forming the venture, exiting with a good
return on its investment, increasing its market penetration into
China and growing its appliance business.
Appliances remain an important part of Symantec's strategy to offer
customers greater choice and flexibility in how they use Symantec's
solutions to manage and protect digital information. Symantec will
continue to focus on expanding its appliance business and creating
industry-leading appliance offerings.
China is one of Symantec's fastest growing markets. Business for
Symantec in China has grown 46 percent over the last three fiscal
years. Symantec remains committed to ongoing investment in China and
will continue to build relationships in the region.
Symantec is a global leader in providing security,
storage and systems management solutions to help consumers and
organizations secure and manage their information-driven world. Our
software and services protect against more risks at more points, more
completely and efficiently, enabling confidence wherever information
is used or stored. More information is available at www.symantec.com.
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other countries. Other names may be trademarks of their respective
FORWARD-LOOKING STATEMENTS: This press release contains
forward-looking statements within the meaning of U.S. federal
securities laws, including expectations regarding the closing of the
sale of Symantec's interest in the joint venture, that involve known
and unknown risks and uncertainties that may cause actual results to
differ materially from those expressed or implied in this press
release. Such risk factors include the satisfaction of closing
conditions to the transaction. Actual results may differ materially
from those contained in the forward-looking statements contained in
this press release. Additional information concerning these and other
risk factors is contained in the Risk Factors section of Symantec's
most recently filed Form 10-K. Symantec assumes no obligation to
update any forward-looking statement contained in this press release.
The contents of the Symantec website shall not be deemed incorporated
by reference into this press release. Any forward-looking indication
of plans for products is preliminary and all future release dates are
tentative and are subject to change.