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Huawei and Symantec commence joint venture

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Symantec and Huawei Technologies have commenced their joint venture, which was announced in May 2007. The new company will develop and distribute security and storage appliances to global telecommunications carriers and enterprises.

The transaction has satisfied all closing conditions, received all required government and regulatory approvals and officially closed on 5 February 2008.
The joint venture company is headquartered in Chengdu, China, with Huawei owning 51% and Symantec owning 49%.
John Thompson, chairman and chief executive officer of Symantec, has been named chairman of the Board and Ren ZhengFei, CEO of Huawei, has been named CEO.
 Huawei is licensing certain technology and Symantec is licensing certain storage and security software to the joint venture company.
Symantec is also contributing $150-million to the joint venture.