Hewlett-Packard back in shopping mode, buys wireless networking company for $2.7 billion

Hewlett-Packard is buying wireless networking company Aruba Networks for about $2.7 billion, the biggest acquisition by HP in recent years.

Palo Alto, Calif.-based HP said the deal will boost its commercial technology business as it prepares to split into two companies, one focused on selling commercial computer systems and the other selling personal computers and printers.

Aruba, based in Sunnyvale, Calif., makes wi-fi networking systems for shopping malls, corporate campuses, hotels and universities.

HP is paying $24.67 in cash for each Aruba share. That is slightly below its close of $24.81 on Friday.

The deal announced Monday is HP's biggest since CEO Meg Whitman launched a turnaround effort aimed at reorganizing in the face of declining revenue.