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HP sells 51% stake in China unit for $2.3bn

  • 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.

    Tagged as: US firm, Hewlett-Packard, HP, Chinese server business, Tsinghua Holdings, HP, Tsinghua University, H3C, Meg Whitman, business news