Huawei, a company known for putting out affordable mobile devices has announced their plans to buy out the remaining 49% stake in their Symantec joint venture. For those unfamiliar, Symantec is a company that specializes in security software for computers, and are probably most famous for their Norton AntiVirus software.
The reason behind this buyout is because Huawei is looking to boost their portfolio for enterprise customers. This will be accomplished by bolstering their corporate security solutions for businesses. At the same time this buyout will also be for Symantec’s benefit, who had experienced a loss of $123 million from February of 2009 to December of 2010. According to analysts, this loss would persist until 2013, with estimated losses of $82 million in 2011 alone.
The deal will be pending regulatory approval, and it is unclear as to what Huawei has planned should this deal go through. Will Huawei be continuing in the same path as they had during their joint venture, or will they be headed in a completely new direction? Also it will be interesting to see how this acquisition will impact consumers using Symantec’s software.