Hewlett-Packard has committed to buying 3Com for $2.7 billion in an effort to expand its presence in the field of networking technology.

HP says the deal will vastly increase its portfolio of Ethernet and routing technologies. The terms of the deal also give HP control of a 3Com R&D operation in China; the lab will give HP improved capacity to develop advanced technologies as well as improve the firm’s presence in the Asian market.

The acquisition will place HP in a position to offer a full spectrum of products to support and establish major data centers, including: Server systems, network solutions and appliances, storage solutions and appliances, and management products to oversee the capital.

Dave Donatelli, executive VP of HP’s enterprise and networking, claims the acquisition will make HP one of the biggest networking technology companies in the world, second only to Cisco.

“Companies are looking for ways to break free from the business limitations imposed by a networking paradigm that has been dominated by a single vendor. We are confident that we can run our entire global business of 300,000-plus employees, including our next-generation data centers, entirely on the new HP networking solutions,” he said.

The deal is expected to close in the first quarter of 2010.