Huawei Technologies Co Ltd, China's leading telecoms gear maker, has reached a preliminary agreement to buy assets from local rival Harbour Networks Ltd.
The companies have signed a memorandum of understanding for the purchase of some of Harbour's business in routers, ethernet switches and other networking equipment, as well as the transfer of some staff and intellectual property, Huawei said in a statement on June 07.
It declined to give any details, but the China Business News quoted industry sources as saying the deal could be completed at the end of July, and reported talk in the industry that it would be worth about 1.7 billion yuan ($212 million).
Huawei, which had contract sales of $8.25 billion last year and has targeted growth of 30 percent for 2006, has been seeking both domestic and foreign acquisitions.
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