Hewlett-Packard to acquire 3Com

Hewlett-Packard said Wednesday that it had reached an agreement to acquire 3Com, a provider of computer network switching and routing equipment, for $2.7 billion in deal that will help improve H.P.’s business in China and expand its network gear business.

With the purchase, H.P. is planning an assault on the market leader in networking, Cisco Systems.

In an interview, Ann Livermore, an executive vice president of H.P., described computer networking as a $40 billion market with high profit margins that is growing briskly and dominated by one company that has so far had little head-to-head competition.

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