HP agrees to sell 51% in data firm
Print Edition
HEWLETT-PACKARD Co has agreed to sell a controlling 51 percent stake in its China-based data-networking business, estimated to be worth above US$2 billion, to Tsinghua Unigroup, a spokesperson for the Chinese private equity fund’s parent company said yesterday.
Li Zhongxiang, a spokesman for state-backed Tsinghua Holdings, which controls Tsinghua Unigroup, did not disclose the deal value but said he expected it to be clinched soon. A person familiar with the matter said an announcement could be made as soon as tomorrow.
An HP spokesperson in Singapore declined to comment. If the deal is confirmed, Shanghai-based Unigroup would have pipped another state-backed firm, China Huaxin Post and Telecommunication Economy Development Center that had also sought to buy the unit, which makes routers and switches for corporate customers.
Huaxin is still waiting to hear from HP about its decision, a spokesman for the firm said.
Under Chinese regulations, the National Development and Reform Commission must approve outbound investments worth over US$2 billion or which are in sensitive industries.
HP previously valued the unit, H3C Technologies Co, at US$5.5 billion and had sounded out around 10 Chinese prospective buyers since putting it on the block a year ago, sources said.
Both Unigroup and Huaxin have closed significant cross-border technology deals in recent years, with Huaxin buying an 85 percent stake in Alcatel-Lucent’s enterprise computing business, and Unigroup receiving a US$1.5 billion investment from Intel.
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