3Com says its $2.2 billion acquisition by Bain Capital and Chinese network giant Huawei Technologies will not pose a national security risk.

In an 8-K filing with the Securities and Exchange Commission (SEC), 3Com spelled out the deal’s structure and rationale. Bain, an equity investment firm, will own 83.5% of 3Com and occupy eight of the new company’s 11 board seats. Huawei will acquire a minority interest of 16.5% and have three seats on the board.

“Huawei can increase its equity by up to 5% (but no more), based on certain performance criteria, but cannot gain additional seats on the board or gain any measure of additional operational control,” the 8-K states.

On Oct. 4, Bain agreed to subject the transaction to the review of the Committee on Foreign Investment in the United States (CFIUS). CFIUS is an interagency committee chaired by the Secretary of the Treasury that reviews foreign investments in U.S. companies to determine whether they might pose a threat to U.S. national or homeland security.

Bain and 3Com are confident the CFIUS will conclude the deal poses no national security risk.

“Huawei will not have any access to sensitive U.S.-origin technology or U.S. government sales as a result of this transaction,” the 8-K states. “All of 3Com’s sales to the U.S. government are made through resellers or integrators; 3Com does not contract with the government directly. There are no products specially designed for the U.S. government. There are no classified contracts or facility clearances.”

3Com will also maintain internal control over intellectual property and export compliance programs to “prevent unauthorized transfers of controlled technology,” the document states.

“As 83.5% owner, Bain Capital will be firmly in control of 3Com,” the 8-K continues. “All Bain Capital private equity investments are controlled by 14 individuals, and all 14 are U.S. citizens. Bain Capital will be able to make all operational decisions for the company, to set budgets, to spend money, to make investments, and to hire and fire personnel. Huawei will not have any control over the operation of the business.”

In another SEC filing this week, 3Com said it is facing shareholder lawsuits seeking to block the deal. In a 10-Q filing with the SEC, 3Com says “several purported class action lawsuits have been filed since Sept. 28, 2007 by 3Com shareholders against the Company, its current directors, a former director, Bain Capital Partners, and in some cases, Huawei Technologies.”