Unisplendour Corporation Limited agreed to acquire 51% of H3C Technologies Co., Limited and China-Based Server, Storage and Technology Services from Hewlett-Packard Company (NYSE:HPQ) for approximately $2.3 billion on May 21, 2015. Upon completion, H3C will be the exclusive provider for HP's server, storage and networking portfolio, as well as HP's exclusive hardware support services provider in China. The purchase agreement contains specified termination rights for HP and UNIS, including in the event that the Purchase is not consummated by May 21, 2016. In the event that the purchase agreement is terminated due to UNIS's failure to obtain government approvals or stockholder approval, or failure to perform certain corporate actions, UNIS may be required to pay a $137.7 million termination fee. H3C reported revenues of $3.1 billion, adjusted operating profit of $400 million and adjusted GAAP net income of $300 million for the year ended December 31, 2014. Henry Tso will continue to lead H3C Technologies' networking business and Ye Jian will continue to lead HP China's Server, Storage and Technology Services businesses. Robert Mao will remain the Chairman of HP China, which will include HP's Enterprise Services, Software and Cloud businesses in China.

The transaction is subject to approval from Unisplendour shareholder, regulatory approvals which includes obtaining certain Chinese national security, finance, exchange and antitrust approvals, obtaining stockholder approval and H3C Holdings having obtained certain U.S. export and national security approvals and other closing conditions. The transaction is expected to close near the end of 2015. As on March 23, 2016, the Chinese Securities Regulatory Commission approved the acquisition. The deal is scheduled to close by the end of May 2016.

Alan F. Denenberg and Bryan M. Quinn of Davis Polk acted as legal advisors for financial advisor to Hewlett-Packard. Jin Park, Atif Azher, Jean Park, Alexis Orenstein, Daniel Saposnik, Colin Osiecki, Shaolin Luo, Qi Yue, Lori Lesser, Marcela Robledo, Michelle Morad, Katharine Moir, Jason Vollbracht, Judy Yan, Peter Thomas, David Shogren, Nicholas Ridley, Tristan Brown, Tom Asmar, Leah Segall and Michael Isby of Simpson Thacher & Bartlett LLP acted as legal advisors and Lazard acted as financial advisor to affiliates of Tsinghua University, Ultimate parent company of Unisplendour Corporation. Ivan A. Schlager of Skadden, Arps, Slate, Meagher & Flom, L.L.P. acted as legal advisor to Hewlett. Victor Ho of Allen & Overy LLP acted as legal advisor for Hewlett-Packard.

Unisplendour Corporation Limited completed the acquisition of 51% of H3C Technologies Co., Limited and China-Based Server, Storage and Technology Services from Hewlett-Packard Company (NYSE:HPQ) on May 4, 2016.