U.S. tech giant HP sells 51% stake in Chinese server businessMay 22, 2015 - 08:40 AMT PanARMENIAN.Net - U.S. tech giant Hewlett-Packard is selling a 51% stake in its Chinese server business for $2.3bn to Tsinghua Holdings, according to BBC News. The deal brings together HP with the investment arm of China's Tsinghua University in a joint venture called H3C, worth $4.5bn. The new firm is being touted as the leader in China for computer servers, storage and technology services. It will have about 8,000 workers and $3.1bn in annual revenues, HP said. "HP is making a bold move to win in today's China," said chief executive Meg Whitman in a statement. "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." H3C will become a subsidiary of Unisplendour, which is the publicly traded unit of Tsinghua Holdings. Meanwhile, the California company, which is one of the world's largest makers of personal computers, said it would still fully own its existing China-based enterprise services, PC business and other operations in China. This latest move comes after the tech giant announced a plan last year to split itself into two separate companies - with one focusing on PCs and printers, and the other on software and enterprise services. It also follows reports of the Chinese government worried about U.S. cyberspying through tech firms and encouraging Chinese businesses to use local technology services. The sale of the Chinese unit is expected to be completed by the end of this year and is subject to shareholder vote and regulatory approvals. Related links: Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Get Started: An educational platform for young startuppers The Get Started program which operates in two phases is an important platform for young startuppers. Byblos Bank Armenia celebrates Students' Day with scholarship recipients YSU students who received scholarships from Byblos Bank Armenia gathered in a casual setting to meet with the Bank's CEO, Hayk Stepanyan. Azerbaijan extends Rune Vardanyan’s arrest by 5 months A court in Azerbaijan has extended the arrest of former Nagorno-Karabakh leader Ruben Vardanyan by five months. Armenia border residents dissatisfied with delimitation Residents Kirants are dissatisfied with the results of the delimitation of the border between Armenia and Azerbaijan. |