HP to acquire Poly for $1.7 billion
Summary
HPs $40 per share offer came in at approximately a 53% premium over Polys most recent closing price. HP claims the new purchase will "further strengthens its industry opportunity in hybrid work solutions, and positions the company for long-term sustainable growth and value creation." It points to a report from Frost & Sullivan titled "State of the Global Video Conferencing Devices Market," which predicts that 75% of office workers will invest in new hardware to improve their hybrid work setups. While the transaction remained largely under the radar until this announcement, Poly had courted other suitors previously. Specifically, Poly will be leveraged to help HP tap into a $110 billion peripherals market, the companies said.
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