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Hewlett Packard Enterprise Closes Transaction With Tsinghua Holdings

PALO ALTO, CA, May 04, 2016 (Marketwired via COMTEX) -- PALO ALTO, CA--(Marketwired - May 4, 2016) - Hewlett Packard Enterprise HPE, -2.87% today announced it closed a transaction with an affiliate of Tsinghua Holdings to create New H3C Group, the leading Chinese provider of technology infrastructure headquartered in Hangzhou and Beijing.

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...


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