Network equipment vendor 3Com is to be snapped up by Huawei Technologies and Bain Capital according to a report by The Wall Street Journal.

Huawei plans to take a minority stake in the company, which has been valued at $2 billion, with the lion's share to be held by the investment fund, the report said.

Such a move would not be the first time this year that investment funds have taken a major networking company private: enterprise telecommunications equipment vendor Avaya was bought by Silver Lake Partners and the Texas Pacific Group for $8.2 billion.

There has been much speculation this year that 3Com was for sale. Back in July, networking rival Nortel Networks was reported also to have shown an interest in the company.

Huawei and 3Com are former joint venture partners. In 2003 they set up Huawei-3Com, an enterprise networking equipment company with headquarters in Hong Kong and factories in China. Last November, 3Com paid $882 million for Huawei's 49 percent stake in the venture, ending their alliance.

Representatives of 3Com reached for this story would not comment.