SANTA CRUZ — HP Inc. introduced a definitive settlement to accumulate Santa Cruz’s Poly in an all-cash transaction for $40 per share, implying a complete enterprise worth of $3.3 billion, inclusive of Poly’s web debt.
The acquisition, in line with a press launch posted on Poly’s web site, accelerates HP’s technique to create a extra growth-oriented portfolio, additional strengthens its trade alternative in hybrid work options, and positions the corporate for long-term sustainable development and worth creation.
Poly is headquartered at 345 Encinal St. in Santa Cruz.
“I'm thrilled concerning the alternative this represents for Poly, our workers, companions and clients,” mentioned Dave Shull, Poly CEO and president, within the press launch. “The mixture provides us a possibility to dramatically scale, reaching new markets and channels, supercharging our innovation with a like-minded associate. This transaction provides compelling and sure worth for our shareholders and speaks to the arduous work executed by our groups to turn out to be a acknowledged chief in serving to companies in every single place meet the challenges of a generational disruption in the way in which individuals work.”
The transaction is predicted to shut by the top of calendar 2022, topic to Poly stockholder approval, required regulatory clearances, and the satisfaction of different customary closing circumstances. HP will finance the transaction by means of a mix of steadiness sheet money and new debt.
In March 2019, Plantronics Inc. introduced that the worldwide communications firm was reworking into Poly, after it acquired the communication expertise firm Polycom in July 2018.