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HP Buys 3Com for $2.7 Billion

HP announced today that it is acquiring 3Com, makers of network switching, routing, and security solutions, for $2.7 billion in cash (at 7.90 per share). Both boards have already approved the transaction. HP says the combination of these two companies will transform the networking industry and "underscore HP's next-generation data center strategy." The company believes this will help customers simplify networks and improve IT service delivery capabilities.