HP and China's Tsinghua Unigroup have reached an agreement in which the US company will sell a dominant stake of 51% of its China subsidiary H3C Technologies, along with server, storage, and technology service businesses, to Tsinghua Unigroup for a minimum of US$2.3 billion, reported China Daily on May 23. The new joint venture will be the exclusive provider for HP's servers, storage and networking equipment, and hardware support services in China. The deal is still subject to regulatory approval and is expected to be closed by the end of 2015.