202229 Mar

HP seeks to ride hybrid work boom with $1.7 billion Poly buyout


REUTERS/Brendan McDermid March 28 (Reuters) - HP Inc (HPQ.N) said on Monday it would buy audio and video devices maker Poly (POLY.N) for $1.7 billion in cash as it looks to capitalise on the hybrid work led boom in demand for electronic products. Shares in HP, which expects the deal will position it for long-term growth, fell 1.4% in premarket trade. The company has offered $40 for each share of Poly, formerly known as Plantronics, which represents a premium of about 53% to the stocks last closing price. With the global healthcare crisis boosting the need for hybrid work, the market has seen several acquisitions, including business software maker Salesforce.coms (CRM.N) $27.7-billion purchase of workplace messaging app Slack Technologies Inc last year. read more Poly, whose shares rose 49% in premarket trade, said it would be required to pay a fee of $66 million if the deal is terminated.

Source: Reuters