Hewlett-Packard Company(HP), an American multinational information technology company, announced today that it would buy audio and video device maker, Poly, for $1.7 billion in cash.
HP said it looks to capitalize on the hybrid work led boom in demand for electronic products.
The technology company has offered $40 for each share of Poly, formerly called Plantronics. This represents a premium of about 53% to the stock’s last closing price. With debt inclusive, the deal is worth $3.3 billion.
HP’s Chief Excutive Officer, Enrique Lores said the rise of the hybrid office creates a once-in-a-generation opportunity to redefine the way work gets done.
Poly, however, stated that if the deal is terminated, it will be required to pay a fee of $66 million.
The deal is expected to expire by the end of 2022.
