Chinese Huawei and US-based Bain Capital recently announced that they have signed an acquisition agreement with US-based network equipment maker 3Com for US$2.2 billion, beating competitors such as Canada-based Nortel.

Pursuant to the agreement, Huawei will pay US$363 million for a 16.5% stake in 3Com, with Bain holding the remaining 83.5%, according to Dow Jones Newswire. Huawei also agreed to remain as 3Com's major client and not to compete with 3Com in specific markets, as yet undecided, according to an official at 3Com.

This deal, however, is still pending official approval from the US government.