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SINGAPORE: One year after the announcement of the subsidiary of Tsinghua Holdings, Unisplendour Corporation Limited’s plans to acquire 51% share of H3C Technologies and Hewlett Packard Enterprise’s China-based server, storage and technology services business, the company finally completed the acquisition at approximately $2.3 billion, forming the New H3C Group. One of Tsinghua’s divisions, Unisplendour, scrapped a $3.78 billion minority investment in US hard-disk maker Western Digital Corp earlier this year after the US Committee on Foreign Investment. Tsinghua Net For Windows 10 free download - PDF Reader for Windows 10, 3DP Net, Facebook for Windows 10, and many more programs. Tsinghua is a dynamic global university renowned for its high quality teaching and research, and its spirit of social commitment. With an enduring dedication to excellence and innovation, Tsinghua is committed to inspiring future global leaders.
To help China build a homegrown tech industry, one state-backed firm has an unexpected strategy: turn to foreign companies for expertise.
Unisplendour, an arm of Tsinghua Unigroup, has agreed to buy a 15% stake in Western Digital, which would make it the largest shareholder of the US hard drive company, reports Bloomberg. Tsinghua Unigroup is a subsidiary of Tsinghua Holdings, which is fully owned by the state and funded by Tsinghua University in Beijing.
The $3.78 billion deal will allow Unisplendour to nominate a representative to Western Digital’s board, who will remain so long as its ownership doesn’t drop below 10%. Unisplendour agreed to pay $92.50 a share for newly issued stock from Western Digital, a 34% increase from Tuesday’s closing price of $68.87. Investors welcomed the news, shooting shares to $79.44 as of close Wednesday, the stock’s biggest gain in three years.
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For Tsinghua, the Western Digital stake is just the latest of a series of deals with US tech firms as it seeks expertise to improve its own technologies, including chip design. Unisplendour paid $2.3 billion in May for a controlling 51% stake in Hewlett-Packard’s data-networking business in China. It also has a joint venture with 21Vianet Group, which operates Microsoft’s cloud services in China, to sell cloud services to state-owned companies. Intel, which is investing $1.5 billion for a 20% stake in Tsinghua, plans to jointly develop chips with the firm for phones in China and other markets.
But several high-profile deals also fell apart this year. In July, Tsinghua put in a $23 billion bid for Silicon Valley chip maker Micron Technology. The deal never came to fruition amid regulatory concerns in the US. San Jose-based Synaptics, which makes touchscreen technology, also recently rebuffed an acquisition offer from the group.
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For Western Digital, Unisplendour represents a politically connected ally that could help it overcome regulatory hurdles in China. In 2012, Western Digital purchased Hitachi’s hard drive unit for $4.8 billion, which the Chinese government approved on condition of the two companies being run as separate entities. Western Digital is hoping to merge the two businesses and put in a request with the government to do so last year.