3Com seen selling itself for $2B

NEW YORK (CNNMoney.com) -- The telecommunications equipment company 3Com Corp. is planning to sell itself to a pair of private equity firms for more than $2 billion, according to a report published Friday.

3Com (Charts) shares surged nearly 33 percent in pre-market trading on the news.

Citing a person familiar with the matter, the Wall Street Journal reported that Bain Capital and Huawei Technologies will acquire the Marlborough, Mass.-based company at more than $5 a share.

3Com is expected to make the announcement sometime later in the day, the paper reported.