Huawei ties up with UK marine engineering firm

Top Chinese telecom equipment maker Huawei Technologies yesterday said it will form a joint venture with UK-based marine engineering company Global Marine Systems Limited.

The two companies have signed a memorandum of understanding (MOU) for the joint venture with the aim to "become the leader in providing submarine solutions and services globally", Huawei said in a statement.

The details about the proposed joint venture, pending regulatory approval - such as how much investment the two will pool into the venture and which company will take the controlling stake - have yet to be finalized.