3Com

HP to buy 3Com for $2.7 billion

Hewlett-Packard Co. announced Wednesday it will purchase networking company 3Com for $2.7 billion, and also preannounced higher fiscal fourth-quarter earnings and raised its outlook for fiscal 2010.

The deal is worth $7.90 per share of 3Com, which is 39% higher than the stock's closing price of $5.69 on Wednesday. Shares of 3Com (COMS) soared 35% after hours on the announcement.

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