HP will buy audio company Poly for USD 1.7 billion.
HP announced on Monday that it would pay $1.7 billion in cash for audio and video products company Poly. It will allow them to benefit from the electronic devices boom driven by hybrid working.
The purchase pays $40 per share of Poly, a premium of nearly 53% over the stock’s most recent closing price.
The deal is priced at $3.3 billion, including debt. According to HP, the acquisition will improve the company’s industry opportunity in hybrid work solutions and position it for long-term success.
The transaction is expected to be completed by the end of 2022.