3Com is buying out its joint-venture partner Huawei to take full control of a company founded in 2003 to build business networking equipment.

The company will pay $882 million for Huawei's 49 percent stake in Huawei-3Com Ltd. Earlier this year, 3Com had assumed a majority ownership position in the company. Huawei-3Com has its headquarters in Hong Kong, but its primary base of operations is in Hangzhou, China.

No details were given on when the transaction is expected to close, but it is subject to approval from the Chinese government.

Huawei-3Com employs just under 5,000 people. Last year it sold nearly two million switches and routers worldwide.