HP sells 51% stake in China unit for $2.3bn
May 22 , 2015
US firm Hewlett-Packard has decided to sell a 51% stake in its Chinese business to Tsinghua Holdings.
The $2.3-billion deal will bring together HP and Tsinghua University’s investment arm to create a joint venture, H3C, which will be worth $4.5 billion.
HP said that the new company will have some 8,000 employees and more than $3.1 billion in annual revenues.
HP chief executive Meg Whitman said in a statement that the US tech giant is “making a bold move to win” in China.