Bain, Huawei to buy 3Com.

BOSTON -- 3Com Corp., once an icon of the high-flying tech industry, is going private. The company agreed to a $2.2 billion buyout by Bain Capital Partners in an all-cash deal announced Sept. 28. The deal is expected to close in the first quarter next year.

Under terms of the deal, Huawei Technologies (cnc.huawei.com) will also receive a minority stake, although Bain declined to disclose the terms. The deal is subject to shareholder and regulatory approvals; Huawei's inclusion may complicate matters, as the company is China's largest telecom equipment maker. 3Com (3com.com) said Huawei's stake would be made public shortly.

3Com shareholders will receive $5.30 in cash per share, a 44% premium to the stock's Sept. 27 dosing price.

3Com has more than 6,000 employees and annual revenue of $1.3 billion.

Edited by Mike Buetow