Hewlett-Packard has sold its 51% stake in its Chinese networking equipment division, H3C, to Beijing’s Tsinghua University for around US$2.3 billion, The New York Times reported, citing an announcement from the company. The division reported roughly US$3.1 billion in adjusted revenue and US$400 million in adjusted operating profit last year. By selling to Tsinghua, HP will put the division in the hands of local owners, maintaining its ability to sell to state-owned and state-controlled businesses and government offices at a time when such sales are increasingly being scrutinized.
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