Chinese telecom giant Huawei Technologies will buy out a joint venture with US security software maker Symantec by acquiring its 49 percent stake for $530 million, the firms said Tuesday.

The venture, Hong Kong-based Huawei Symantec, was set up in 2008 to provide security, storage and systems management solutions.

The companies decided that having a single owner will help the Hong Kong firm to grow, Huawei and Symantec said in a statement.

Enrique Salem, Symantec president and chief executive, was quoted as saying that China was one of Symantec’s fastest-growing markets and that it had exited the joint venture with a “good return”.

Huawei, founded over two decades ago by former People’s Liberation Army engineer Ren Zhengfei, is at the forefront of efforts by Chinese firms to shift from being the world’s workshop to becoming creators of genuine global brands.

But the telecommunications equipment vendor has faced scrutiny in making acquisitions or taking part in projects in the United States, although it has long rejected claims that it still has ties to the Chinese military.

Earlier this year, Huawei was forced to abandon its acquisition of US computer firm 3Leaf Systems after the US government voiced security concerns about the deal.