Hewlett-Packard sells stake in China unit for US$2.3 bil


AP

NEW YORK–Hewlett-Packard is selling a 51 percent stake in its China sever, storage and technology storage unit for about US$2.3 billion as it restructures its business in that country.

HP says it will sell the controlling stake to Tsinghua Holdings, part of state-owned Tsinghua University, and create an entity called H3C.

HP will maintain ownership of its other businesses in China, including business services, software, HP Helion Cloud and other operations. H3C will have about 8,000 staffers and US$3.1 billion in annual revenue. HP says the change will allow it to better serve customers in China.