UPDATE: 11/18/2011, 12.09 p.m. Details of Fangda Partners’ team have been added to the fifth paragraph of this article.
Shearman & Sterling and Tian Yuan Law Firm are advising Chinese networking giant Huawei Technologies Co. Ltd. on its $530 million buyout of Symantec Corp., its partner in a network security software joint venture. The transaction is expected to be completed early next year.
Shenzhen-based Huawei has had a joint venture with Mountain View, Calif.-based Symantec, a leading maker of anti-virus software, since 2008. According to Reuters, Huawei Symantec Technologies Co. Ltd., in which Huawei holds 51 percent and Symantec 49 percent, has lost money since its inception. Symantec reported losses of $123 million from its share of the joint venture from February 2008 to December 2010.
In a statement, Huawei said the two companies had held several rounds of discussions over the past several months and mutually determined the joint venture would benefit from the direction of a single owner. The Chinese company said it would continue to increase its investment in the enterprise.
Shearman & Sterling is acting as Hong Kong and U.S. counsel to Huawei. The firm’s team is being led by partner Ling Huang in Beijing. Shearman & Sterling was previously also the counsel to Huawei when the joint venture was first established. Beijing-based Tian Yuan is advising Huawei on Chinese law.
O’Melveny & Myers Shanghai partner Eric Zabinski is representing Symantec, with Shanghai law firm Fangda Partners acting as Chinese counsel. Beijing-based partner Chuanjie Zhou led Fangda’s team. Both firms also advised Symantec three years before on the JV launch.