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HP buying 3Com for $2.7 billion

HP buying 3Com for $2.7 billion

Hewlett Packard announced a short while ago that they are moving ahead with plans to acquire 3Com, one of the leading manufacturers of network switching and routing products. This deal is valued at a mind boggling 2.7 billion dollars or around $7.90 a share.

“By combining HP ProCurve offerings with 3Com’s extensive set of solutions, we will enable customers to build a next-generation network infrastructure that supports customer needs from the edge of the network to the heart of the data center,” said Dave Donatelli, HP executive vice president and general manager of HP’s Enterprise Servers and Networking business.

HP have been spending quite a bit of cash recently with the recent acquistion of Ibrix, a company dedicated to creating file serving software. HP are keen to point out that they want to increase their networking business with strong focus on enhancing their Chinese standing – an area which 3Com are already potent.

This 3Com deal is expected to be closing in the first half of 2010 and HP stock only rose around 0.1 percent to around $50 in the trading close today. 3Com’s stock increased by 5.18 percent to $5.69.

Additional contributions by Steven Gallagher

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Stuart Davidson

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