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Hewlett-Packard sells stake in Chinese unit for $2.3B

FILE - This Feb. 21, 2012 file photo shows a Hewlett Packard logo in Frisco, Texas. On May 21, 2015, Hewlett-Packard announced it is selling a 51 percent stake in its China sever, storage and technology storage unit for about $2.3 billion as it restructures its business in that country. (AP Photo/LM Otero, File)

NEW YORK (AP) — Hewlett-Packard is selling a 51 percent stake in its China sever, storage and technology storage unit for about $2.3 billion as it restructures its business in that country.

HP says it will sell the controlling stake to Tsinghua Holdings, part of state-owned Tsinghua University, and create an entity called H3C.

HP will maintain ownership of its other businesses in China, including business services, software, HP Helion Cloud and other operations.

H3C will have about 8,000 staffers and $3.1 billion in annual revenue. HP says the change will allow it to better serve customers in China.

Hewlett Packard Co. is undergoing a broader restructuring as it prepares to split into two companies by Oct. 31.

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