BOSTON -- 3Com Corp., once an icon of the high-flying tech industry, is going private. The company agreed to a $2.2 billion buyout by Bain Capital Partners in an all-cash deal announced Friday. The deal is expected to close next year.
Under terms of the deak, Huawei Technologies will also receive a minority stake, although Bain declined to disclose the terms. The deal is subject to shareholder and regulatory approvals; Huawei's inclusion may complicate matters as the company is China's largest telecom equipment maker. 3Com said it Huawei's stake would be made public shortly.

3Com shareholders will receive $5.30 in cash per share, a 44% premium to the stock's Thursday closing price.

3Com has more than 6,000 employees and annual revenue of $1.3 billion.