SAN FRANCISCO (Reuters) -- Communications network equipment maker 3Com Corp. said Tuesday it agreed to buy the rest of its joint venture with Huawei Technologies Co. Ltd. that it did not already own for $882 million.

3Com will have full ownership of the joint venture, named H-3C, once the deal closes. Huawei owns 49 percent of H-3C.

H-3C had its third anniversary on Nov. 15, after which 3Com and Huawei were allowed to bid to buy out each other's side.

The companies set up the joint venture in 2003 to pool research and development costs.

H-3C gave 3Com access to Asian markets, where Huawei, China's largest communications equipment maker, has a strong presence. Huawei got an entree into U.S. and European markets through 3Com, based in Marlborough, Massachusetts.

3Com said the transaction was subject to customary approval in China, and that it would detail its financing plans for the acquisition at a future date.

In August, 3Com named Edgar Masri its chief executive and said it would start negotiations with Huawei to boost its stake in the joint venture. At the time, 3Com owned 51 percent of H-3C.

A report in the Wall Street Journal newspaper in October indicated that U.S. private-equity firms Silver Lake Partners, Bain Capital Inc. and Texas Pacific Group were competing to buy H-3C with offers ranging from $1 billion to $1.5 billion.

Shares of 3Com (down $0.01 to $4.49, Charts) fell 1 cent to $4.49 on Nasdaq.

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