HP to buy audio products maker Poly for $1.7 billion By Reuters

March 28, 2022 admin Stock News 0


© Reuters. FILE PHOTO: A screen displays the logo for HP Inc. at the New York Stock Exchange (NYSE) in New York, U.S., November 18, 2019. REUTERS/Brendan McDermid

(Reuters) -HP Inc said on Monday it would buy audio and video products maker Poly 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 (NYSE:)’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.

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