Huawei to sell undersea cable business

Huawei plans to sell its undersea telecom cable business in its first major asset sale since the US blacklist action, reports Reuters. Control of Huawei Marine will go to another Chinese firm, Hengtong Optic-Electric, based in Jiangsu province, in a deal done in cash and shares.

Undersea cables are the backbone of global internet traffic. Huawei has been gaining share in the market dominated by U.S. firm SubCom, Japan’s NEC Corp and Europe’s Alcatel-Lucent, since Huawei Marine was established in 2008 as a joint venture with Britain’s Global Marine.

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