In accordance with H3C's shareholders' agreement, the bid process was initiated by 3Com on 15 November 2006 and a bid offer was accepted by Huawei on 28 November 2006 (Beijing time). H3C will become wholly owned by 3Com after the completion of the transaction.
Mr. Guo Ping, Senior Vice President of Huawei Technologies said, "The divestment will further enable Huawei to focus its efforts on its core business, strengthen our leadership position in the ALL IP-based FMC (Fixed and Mobile Convergence) solutions market, and create long-term value and potential growth for our clients. Over the past three years, 3Com and Huawei have contributed a great deal to the development of H3C. H3C has become one of the leading global suppliers of IP networking products and solutions and we wish them every success in the future."
Huawei will continue to comply with its commitments under the existing joint venture agreements.