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HP Enterprise closes $2.3bn deal with Chinese provider

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Staff writer ▼ | May 4, 2016
Hewlett Packard Enterprise (HPE) closed a transaction with an affiliate of Tsinghua Holdings to create New H3C Group, Chinese provider of technology infrastructure headquartered in Hangzhou and Beijing.
Technology   Unisplendour Corporation bought 51% of New H3C
Per the agreement, Tsinghua Holdings subsidiary, Unisplendour Corporation, through a wholly-owned affiliate, purchased a 51% stake in New H3C, comprising H3C Technologies and HPE's China-based server, storage and technology services businesses, for approximately $2.3 billion net of cash and debt.

HPE plans to return the vast majority of the cash to shareholders through opportunistic share repurchases.

New H3C offers customers a complete portfolio of enterprise IT solutions, including networking, servers, storage, hyper-converged systems, and IT management products.

As the exclusive provider for the Chinese market, New H3C also provides a full range of HPE branded servers, storage and technology services.

HPE has a 49% ownership stake in the new company and Arun Chandra, Senior Vice President & COO of HPE's Enterprise Group, will serve as Chairman of New H3C.