3Com said Friday that it had reached a deal to be acquired by private equity firm Bain Capital and former partner Huawei Technology for $2.2 billion USD in cash. Huawei would gain a minority stake in the 3Com as part of the transaction. The former big name in networking has lost traction in recent years as competitor Cisco has rapidly gained market share.

Shareholders would receive $5.30 in cash per share of 3Com stock they own. The deal has already been approved by the company's board of directors, and it asked that shareholders approve the deal. ""We believe that this agreement better positions 3Com to establish itself as a global networking leader, which will benefit our employees, our customers and our partners," president and CEO Edgar Masri said in a statement.