HP announces joint venture with Tsinghua on its China-based enterprise business.
Computer giant Hewlett Packard (HP) is set to spin out its China-based enterprise business into a new joint venture with Tsinghua University.
Under terms of the deal, Tsinghua Holdings publically traded subsidiary Unisplendour Corporation will acquire 51% of the new company H3C, which incorporates HP’s networking subsidiary H3C Technologies and the firm’s China-based server, for $2.3bn.
The new firm will have around 8,000 employs and is estimated to have $3.1bn in annual revenue, and will also leverage Tsinghua’s research base.
