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State-backed Tsinghua Holdings' subsidiary Unisplendour Corp Ltd
will acquire 51 percent of HP's H3C Technologies for at least
$2.3 billion, Unisplendour said in a statement to the Shenzhen
stock exchange late on Thursday.
The U.S. company also said in a statement on Thursday it will
form a partnership with Tsinghua Holdings, affiliated with
China's elite Tsinghua University, to create a group in China to
house H3C's networking operation alongside its China-based
server, data-storage and technology-services businesses.
HP said in its statement it valued its H3C business at $4.5
billion. The company had previously valued the unit at $5.5
billion, people with knowledge of the matter told Reuters last
month.
Western tech companies have struggled for customers in China
after former U.S. National Security Agency contractor Edward
Snowden's revelations of cyberspying program involving U.S.
firms. Many of these Western companies are now seeking local
partners or selling off assets altogether to Chinese buyers.
(Reporting By Yimou Lee; Editing by James Pomfret and Kenneth
Maxwell)
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