Huawei Technologies Co. Ltd., the world's second-largest telecommunications equipment manufacturer, is planning to buy the 49% stake in a joint venture with Symantec Corp. that it does not already own for $530 million, Reuters reported on Tuesday.

The acquisition is expected to be settled in the first quarter of 2012, Huawei said.

Huawei Symantec, as the JV is known, has been operating at a loss since it was set up, according to the latest report submitted by Symantec to the U.S. Securities and Exchange Commission.

Huawei Symantec operates research and development centers in Beijing, Shenzhen and Silicon Valley. Huawei is expected to boost its product portfolio through the deal.