Frenemies at best - China acquire’s Symantec’s share of corporate security joint venture
AYFKM?
China’s military-linked telecommunications giant Huawei Technologies is buying out Symantec Corp.’s 49 percent share of a corporate security solution joint venture.
U.S. security authorities say Huawei is a stalking horse for China’s military and intelligence cyber espionage and warfare services. On Nov. 14, Huawei announced that it would take full ownership of Huawei Symantec Technologies after paying $530 million to Symantec for its 49 percent stake in the joint venture, which is headquartered in Hong Kong.
The deal must be approved by U.S. regulatory authorities and is likely to close in the first quarter of 2012.
The joint venture was set up in 2009 to provide corporate security, storage and systems management solutions. The company had research and development centers in Beijing, Shenzhen, Chengdu, and Hangzhou.
Uh, excuse me are we saying that Symantec and China were SHARING the means of corporate digital security? Would this include places such as General Dynamics, Boeing, Electric Boat, and their subcontractors (like the guys who mill submarine propellers)?
Security officials had expressed concern about the joint venture because Symantec is a leading company for identifying and countering cyber threats and it was feared Huawei would pass data to China’s cyber espionage organs in the Ministry of State Security and military intelligence services.
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