HP Partners With Tsinghua to Create a Chinese Technology Powerhouse
Tsinghua Holdings Subsidiary to Acquire 51% Stake in a Newly Created Business Comprising H3C Technologies and HPs China-Based Server, Storage and Technology Services Businesses; New H3C to Be HPs Exclusive Provider of Servers, Storage and Networking, as Well as Hardware Support Services in China
PALO ALTO, CA and BEIJING, CHINA--(Marketwired - May 21, 2015) - HP (NYSE: HPQ) and Tsinghua Holdings today jointly announced a partnership that will bring together Chinese enterprise technology assets of Hewlett-Packard and Chinas prestigious Tsinghua University to create the leading Chinese provider of technology infrastructure.
Under the definitive agreement, Tsinghua Holdings subsidiary, Unisplendour Corporation, will purchase a 51% stake in a new business called H3C, comprising H3C Technologies and HPs China-based server, storage and technology services businesses, for approximately $2.3 billion, valuing the total business at $4.5 billion (net of cash and debt). Combining these two entities, the new H3C will be a technology powerhouse in China with a market-leading portfolio that will be #1 in networking and a leader in servers, storage and technology services.
HP sees continued long-term growth opportunities in China, and HP China will maintain 100% ownership of its existing China-based Enterprise Services, Software, HP Helion Cloud, Aruba Networks, Printing and Personal Systems businesses.
HP is making a bold move to win in todays China, said Meg Whitman, Chairman and CEO, HP. Partnering with Tsinghua, one of Chinas most respected institutions, the new H3C will be able to drive even greater innovation for China, in China. The combined company will build upon an extensive and valuable patent portfolio, best-in-class products and customer focus, and Tsinghuas world-class research capability. In one move, we have repositioned HP and H3C to accelerate overall performance and better serve our customers and partners.
With approximately 8,000 employees and approximately $3.1 billion in annual revenue, the new H3C will be the leading provider of converged infrastructure solutions and technology services in the China market. The company will offer customers a complete portfolio of enterprise IT solutions, including networking, servers, storage and services, and will maintain H3Cs current localized, high-touch, customer-first service model. The new H3C will build off of its legacy of innovation, with over 5,700 patents and 2,500 engineers focused on developing differentiated technology solutions for the future of compute infrastructure.
Once the transaction closes, the new H3C will be the exclusive provider for HPs server, storage and networking portfolio, as well as HPs exclusive hardware support services provider in China, customized for that market.
The new H3C will become a subsidiary of Unisplendour, a publicly traded operating subsidiary of Tsinghua Holdings Co., Ltd., the asset management arm of prestigious Tsinghua University in China. Unisplendour is currently among the top software vendors and system integrators in China, and has been in a long-term strategic distribution partnership with HP since 1999.
Until the close, Henry Tso will continue to lead H3C Technologies networking business and Ye Jian will continue to lead HP Chinas Server, Storage and Technology Services businesses. Separately, Robert Mao will remain the chairman of HP China, which will include HPs Enterprise Services, Software and Cloud businesses in China. All three leaders will be actively involved in determining the most effective management team for the new organization.
Weiguo Zhao, Chairman of Tsinghua Unigroup and Unisplendour Corporation, commented: H3C is a leading networking provider in China and HP China is a leading provider of servers, storage and technology services. Tsinghua and Unisplendour, as the majority shareholder of the new H3C, will embrace and welcome the new H3C to the family of the China domestic IT industry. The transaction for H3C will also release great potential in the China market. Tsinghua has enjoyed a long-term partnership with China HP and H3C. We see extensive synergies with the new H3C. Tsinghua Universitys leading R&D capability, wide domestic resources, and vast human capital resources will empower the new H3Cs growth in the short-term, mid-term, and long-term. We are pleased to announce and look forward to a strong partnership with HP in the many years to come.
The new H3C generated CY2014 adjusted revenues of $3.1 billion, adjusted operating profit of $0.4 billion and adjusted GAAP net income of $0.3 billion. HP will equity account for its investment going forward.
The transaction is expected to close near the end of 2015, subject to Unisplendour shareholder vote, regulatory approvals and other closing conditions.
About HP
HP creates new possibilities for technology to have a meaningful impact on people, businesses, governments and society. With the broadest technology portfolio spanning printing, personal systems, software, services and IT infrastructure, HP delivers solutions for customers most complex challenges in every region of the world. More information about HP is available at http://www.hp.com
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statement
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HP Partners With Tsinghua to Create a Chinese Technology Powerhouse
