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Huawei To Sell Undersea Cable Business To Hengtong Optic-Electric Co

Infrastructure News - Published on Tue, 04 Jun 2019

Image Source: City AM
China's Huawei Technologies Co Ltd plans to sell its 51 percent stake in undersea telecommunications cable business Huawei Marine Systems Co Ltd. Hengtong Optic-Electric Co Ltd said that it signed a letter of intent with Huawei Technologies subsidiary Huawei Tech Investment Co Ltd on May 31 to buy the stake via cash and share issuance. It did not mention a price.
 
Huawei Marine, established in 2008 as a joint venture with Britain's Global Marine, is mainly engaged in the construction of global undersea communications cables. According to Huawei Technology's annual report, the tech giant gained majority voting rights on the board of Huawei Marine in August 2018 with Global Marine retaining a 49 percent non-controlling interest.
 
Huawei Marine contributed revenue of CNY 394 million and logged a net profit of CNY 115 million in 2018

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Posted By : TelecomGuru on Tue, 04 Jun 2019
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