HP sells 51% of China-based server firm
Print Edition
HEWLETT-PACKARD yesterday said it was selling 51 percent of its China-based server business, creating a joint venture with Tsinghua Holdings that will be a sector leader in China.
The US tech giant said it would sell the stake for US$2.3 billion, creating a new business called H3C worth US$4.5 billion that would be the leader in China in computer servers, storage and technology services.
The deal brings HP and the investment arm of Tsinghua University to form a company with 8,000 employees and US$3.1 billion in annual revenue.
“HP is making a bold move to win in today’s China,” said Meg Whitman, HP’s chairman and chief executive.
“Partnering with Tsinghua, one of China’s most respected institutions, the new H3C will be able to drive even greater innovation for China, in China.”
HP said the deal would not affect its existing China-based enterprise services, personal computer business and other operations, which would remain 100 percent owned by the California group.
The new H3C will become a subsidiary of Unisplendour, a publicly traded unit of Tsinghua Holdings, the asset-management arm of Tsinghua University.
The move comes with HP about to break itself into two companies, one with a focus on personal computers and printers, and the other on software and enterprise services
Once the deal closes, the new H3C will be the exclusive provider for HP’s server, storage and networking services, according to a statement.
The new firm comprises the existing HP unit called H3C Technologies and HP’s China-based server, storage and technology services businesses.
“The transaction for H3C will also release great potential in the China market,” said Zhao Weiguo, chairman of Tsinghua Unigroup and Unisplendour Corp.
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