HP has announced a definitive agreement to acquire Poly, in an all-cash transaction for $40 per share, implying a total enterprise value of $3.3 billion (€3bn), inclusive of Poly’s net debt.
Dave Shull, Poly CEO and president, added: “I am thrilled about the opportunity this represents for Poly, our employees, partners and customers. The combination gives us an opportunity to dramatically scale, reaching new markets and channels, supercharging our innovation with a like-minded partner. This transaction offers compelling and certain value for our shareholders and speaks to the hard work done by our teams to become a recognised leader in helping businesses everywhere meet the challenges of a generational disruption in the way people work.”
The transaction is expected to close by the end of calendar 2022, subject to Poly stockholder approval, required regulatory clearances, and the satisfaction of other customary closing conditions. HP will finance the transaction through a combination of balance sheet cash and new debt.
Plantronics merged with Polycom in March 2019 to form Poly.