Plantronics and Polycom have been around for ages, and a big part of their business has always been enterprise. If you’ve spent any time in offices over the past 20-years, you have undoubtedly seen or used a Plantronics or Polycom device.
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Polycom rebranded to Poly but kept the sub-brand Plantronics for a specific part of the market. Now, HP will be buying Poly and its sub-brands for US$1.7 billion in cash.
HP Inc (HPQ.N) said on Monday it would buy audio and video products maker Poly (POLY.N) for $1.7 billion in cash, a move that would help it take advantage of the electronic products boom sparked by hybrid working.
The deal offers $40 for each share of Poly, a premium of about 53% to the company’s last closing price. Including debt, the purchase is valued at $3.3 billion.
The buyout will strengthen HP’s industry opportunity in hybrid work solutions and position the company for long-term growth, it said. The deal is expected to close by the end of 2022.
Reuters
Most of the big PC companies are pivoting into offering hybrid work solutions, and part of that is offering excellent conferencing devices, which Poly has proven itself in. This move will help HP compete with the likes of Dell and Lenovo as they have similar offerings for consumers.
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