Hewlett-Packard has agreed to acquire Aruba Networks, a maker of wireless-network infrastructure used by hotels, universities and shopping malls, for $2.7 billion in cash to bolster its networking business.

Aruba investors will get $24.67 a share, the companies said Monday in a statement. With debt and cash, the deal has a value of $3 billion. This is the largest acquisition in several years for Hewlett-Packard, where chief executive officer Meg Whitman has been focused on cutting costs and returning the business to growth.

Hewlett-Packard is planning to split itself in two later this year, with Whitman remaining in charge of the business focused on corporate customers. Given the pending split, a lower profit forecast and questions about its ability to adapt in a shifting corporate market, a multibillion-dollar purchase right may be risky. Yet Whitman might be targeting Wi-Fi networking-gear maker Aruba to tackle those very challenges, chasing revenue in a growing market and in China.

Aruba makes hardware and software used to build wi-fi networks for customers including China’s Dalian Wanda Group Co., which uses the technology in shopping malls. Other customers include California State University at Los Angeles and the Edzan Hotels and Suites in Qatar.

Bloomberg