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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters HP to buy 3Com for $3.1 billion Thu Nov 12, 2009 8:11am EST Email | Print | Share | Reprints | Single Page [-] Text [+] By Ritsuko Ando and Gabriel Madway NEW YORK/SAN FRANCISCO (Reuters) - Hewlett-Packard Co is making a move into the network equipment market by striking a $3.1 billion deal for 3Com Corp, in a major challenge to Cisco Systems Inc. The deal is the latest sign that technology giants from IBM to Oracle Corp are increasingly encroaching in each other's markets as they seek to become one-stop shops for computing, networking and data storage. Cisco itself this year pushed into the server market, of which HP is a major player. HP, which also reported higher-than-expected preliminary earnings on Wednesday, said it would pay $7.90 per share for 3Com, a 39 percent premium over its closing price. The deal values 3Com at $2.7 billion excluding its net cash. "Cisco and HP are going to compete more and more," said Jayson Noland, analyst at Robert W. Baird & Co. "We're headed to a world where each of these large companies can give you everything you want." By buying 3Com, HP will be competing with Cisco on a wider range of network equipment, including routers and switches. 3Com also has a large presence in China and can help HP expand sales into one of the world's fastest-growing markets. HP is already a dominant force in personal computers, IT services, servers and printers, with recurring revenue streams that have helped it during the economic downturn. 3Com, for its part, has been pushing into the large enterprise market outside China with its H3C brand, trying to take on giants like Cisco. "We wanted to create a powerhouse in the networking industry," said Marius Haas, senior vice president of HP's ProCurve networking division, adding that the 3Com deal puts HP in a good position to compete against Cisco. When asked for comment, Cisco said: "While Cisco has a healthy respect for all of our competitors, acquisitions in our industry only validate the fact that networking is becoming the platform for all forms of communications and IT." 3Com has been an acquisition target before. In 2008, Bain Capital Partners and China's Huawei Technologies tried to buy 3Com for $2.2 billion but failed to win approval from a U.S. government security panel. Huawei is a privately held company set up by a former Chinese army officer. 3Com shares jumped 35 percent to $7.66 in after-hours trading. They climbed over 5 percent on Wednesday ahead of the announcement. HP shares edged 0.8 percent lower to $49.61. A rise in 3Com shares and call options before the offer was announced sparked talk that the news had been leaked, option traders and analysts said. 3Com would be HP's fourth biggest acquisition ever. The Marlborough, Massachusetts-based 3Com has 5,800 employees and posted fiscal 2009 revenue of $1.3 billion, more than half of which came from China. TECH DEALS GALORE Worldwide tech mergers and acquisitions have totaled $109.1 billion this year, down 20 percent from year-to-date 2008, according to Thomson Reuters data. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: NPPD shuts Neb. 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