HP Inc. agreed to purchase Poly, a maker of office communications merchandise, for $1.7 billion in a wager on the rise of hybrid work.
HP pays $40 money for every excellent share of Poly, a premium of greater than 50% from its closing worth Friday. The corporations valued the deal for Poly, previously often known as Plantronics, at $3.3 billion, together with debt.
Poly makes audio and video merchandise, corresponding to headsets, desk telephones and different conferencing merchandise. The firm is anticipated to report annual gross sales of about $1.53 billion for its fiscal 12 months that ends this month, based on analysts surveyed by FactSet.
HP mentioned the deal, anticipated to shut by year-end, would assist develop its hybrid-office choices. The maker of PCs, printers and different pc merchandise mentioned workplace staff are investing to enhance their house setups, whereas companies are reconfiguring conventional workplace areas to help hybrid work and collaboration.
HP had annual gross sales of $56.7 billion in its most up-to-date fiscal 12 months that led to October.
Shares of HP fell 2% to $39 in premarket buying and selling. Poly shares jumped 49% to $39.01.
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