|
|
|
21 Feb 2008
US security concerns have scuppered networking vendor 3Com’s plans to sell up to Chinese manufacturer Huawei and private equity firm Bain Capital.
The trio announced yesterday that they have withdrawn their joint filing to the US Committee on Foreign Investment (CFIUS) concerning the proposed $2.2bn (£1.1bn) transaction.
The CFIUS, which is led by the US Treasury Secretary, reviews corporate acquisitions by foreign buyers. It appears that 3Com was unable to ease concerns over its TippingPoint intrusion prevention unit, whose customers include the US government.
The deal would have seen Huawei take a 16.5 per cent stake in 3Com, with Bain taking the remainder. The three firms said they remain committed to continuing discussions.
Edgar Masri, chief executive 3Com, said in a statement: “We are very disappointed that we were unable to reach a mitigation agreement with CFIUS for this transaction.
"While we work closely with Bain Capital Partners and Huawei to construct alternatives that would address CFIUS' concerns, we will continue to execute our strategy to build a global networking leader.”
Further reading:
3Com sale to Huawei depends on TippingPoint spin off
3Com
agrees private equity sale
3Com
dangles public sector carrot
In this video find out about the fast-growing Chinese vendor's plans for market domination and how the channel is its route of choice
Find out what gifts Acer has in store for partners for 2012 in this exclusive roundup of its recent conference
CRN's premier networking event is back on 17 May at the Ricoh Arena
Date: Thu 17 May 2012
Channel fighters preparing to square up once more on 24 May
Date: Thu 24 May 2012
The proliferation of endpoint devices within the enterprise has highlighted the shortcomings of one of the traditional approaches to data security
This Forrester report compares the costs and benefits of legacy email and productivity software with Google Apps
Dave discovers that rozzers are seemingly living in the technology dark ages
Mark Needham, founder of distributor Widget, argues that John Browett leaves for Apple with Dixons in better shape than when he arrived
|
|
|
Do you agree?
Have your say