3Com has agreed to buy out Huawei Technologies’ stake in a joint venture the two companies founded in 2003 to build networking equipment for enterprises.3Com said Tuesday it will pay US$882 million for Huawei’s 49 percent stake in Huawei-3Com. Earlier this year, 3Com assumed a majority ownership position in the company.Huawei-3Com has its headquarters in Hong Kong, but its primary base of operations is in Hangzhou, China. No details were given on when the transaction is expected to close, but it is subject to approval from the Chinese government. Huawei-3Com employs just under 5,000 people and is valued at about $1.8 billion, based on the rate that 3Com plans to pay for Huawei’s stake. Last year it sold nearly 2 million switches and routers worldwide, according to the company’s website.-Robert McMillan, IDG News Service (San Francisco Bureau) Related Link: 3Com Releases Enterprise VoIP PhoneCheck out our CIO News Alerts and Tech Informer pages for more updated news coverage. Related content brandpost Sponsored by Freshworks When your AI chatbots mess up AI ‘hallucinations’ present significant business risks, but new types of guardrails can keep them from doing serious damage By Paul Gillin Dec 08, 2023 4 mins Generative AI brandpost Sponsored by Dell New research: How IT leaders drive business benefits by accelerating device refresh strategies Security leaders have particular concerns that older devices are more vulnerable to increasingly sophisticated cyber attacks. By Laura McEwan Dec 08, 2023 3 mins Infrastructure Management case study Toyota transforms IT service desk with gen AI To help promote insourcing and quality control, Toyota Motor North America is leveraging generative AI for HR and IT service desk requests. By Thor Olavsrud Dec 08, 2023 7 mins Employee Experience Generative AI ICT Partners feature CSM certification: Costs, requirements, and all you need to know The Certified ScrumMaster (CSM) certification sets the standard for establishing Scrum theory, developing practical applications and rules, and leading teams and stakeholders through the development process. By Moira Alexander Dec 08, 2023 8 mins Certifications IT Skills Project Management Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe