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Huawei Buys Out Symantec

4:45 AM -- Huawei Technologies Co. Ltd. is buying Symantec Corp. (Nasdaq: SYMC)'s 49 percent stake in the pair's joint venture, Huawei Symantec Technologies Co., for US$530 million.

The move makes sense for Huawei, which is on a mission to build a substantial enterprise technology business. The joint venture sells security, server and storage equipment to enterprise users, and Huawei believes that taking full control of the venture will help it accelerate its push into the cloud computing sector. (See Huawei Eyes Cloud Acquisitions, Huawei's Enterprise Vision Gets Cloudy and Huawei Aims for $100B Annual Revenues.)

The acquisition is set to close in the first quarter of 2012.

— Ray Le Maistre, International Managing Editor, Light Reading

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