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Tsinghua University purchases HP's stake in Chinese unit

Xinhua, May 23, 2015 Adjust font size:

Unisplendour Corp. Ltd. (UNIS), under Tsinghua University, has purchased a 51 percent stake in Hewlett Packard's (HP) China-based H3C computing unit for about 2.5 billion U.S. dollars, the two enterprises announced Friday.

Experts are upbeat that the move will have a positive impact on the information technology market and will cultivate new localization routes for foreign enterprises, experts said.

With an estimated valuation of 4.5 billion U.S. dollars, H3C chalked up revenue of 3.1 billion U.S. dollars and profits of 400 million U.S. dollars in 2014.

H3C, which sells networking equipment like servers and storage, was established in 2013 by telecommunication giant Huawei and 3Com, a digital electronics manufacturer. HP purchased 3Com in 2010.

HP is confident with the cooperation with Tsinghua. Meg Whitman, HP chair and chief executive, said that the move would drive innovation in China, and boost business growth for HP.

Xu Jinghong, chief executive of Tsinghua University Science Park (TusPark), believes that H3C will develop into a market leader through the cooperation with Tsinghua.

HP will maintain ownership of its other businesses in China, including business services, software and HP Helion Cloud.

The deal is expected to be sealed by the end of 2015. Endi