The economy is bad and that might make you think that companies in markets like computers that are seeing some of the worst quarters ever would be saving money. Not HP, the world’s largest computer shipper is spending a huge amount of money to purchase 3Com.

HP has announced that its board of directors and the 3Com board of directors have both agreed to allow HP to buy 3Com at $7.90 per share for all outstanding shares of 3Com stock. That price totals $2.7 billion for the company.

HP says that the purchase will let it add to its routing and switching portfolio and gets it a much larger presence in China. The deal is still subject to regulatory approval and approval by 3Com shareholders. HP expects the deal to close in the first half of 2010.

HP