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Plantronics (NYSE: POLY) to be Acquired by HP (NYSE: HPQ) for $3.3 Billion or $40 per Share

by admin

March 28, 2022

in Technology

Plantronics NYSE POLY HP NYSE HPQ Acquisition Spotlight Growth

Plantronics, Inc. (NYSE: POLY) is a developer of premium audio and video products for users to participate in meetings every time and anywhere. Shares of the audio and visual technology company are rallying 50% through early trading on Monday, March 28, 2022. Over the past three months, Plantronics has seen average daily volume of around 299,800 shares. However, volume of 18.95 million shares or dollar volume of around $741.89 million, has already exchanged hands through early trading.

Shares of Plantronics are gaining after the company announced it has entered into a definitive agreement to be acquired by HP, Inc. (NYSE: HPQ) at $40 per share or a total aggregate value of $3.3 billion. HP’s move comes as the technology giant looks to bolster its work-from-home and hybrid work offerings.

Plantronics, a global leader in video conferencing, cameras, headsets, voice and software, will synergize with HP to create a complete ecosystem of devices, software, and digital services to improve employee experiences, workplace productivity, manageability, and security and more across their enterprise hybrid work environments.

HP sees the synergies with Plantronics to have an immediate effective on revenue growth, margins and earnings. By full year 2025, HP estimates revenue synergies to reach $500 million. This estimate represents a 15% compound annual growth rate (CAGR) for Plantronics revenue over the first three years post acquisition close.

The acquisition is estimated to close during the second half of 2022 and will be subject to stockholder approval, regulator sign off and other traditional conditions. HP says they plan to finance the acquisition through existing cash and new debt.

Dave Shull, Plantronics CEO and President: “I am thrilled about the opportunity this represents for Poly, our employees, partners and customers. The combination gives us an opportunity to dramatically scale, reaching new markets and channels, supercharging our innovation with a like-minded partner. This transaction offers compelling and certain value for our shareholders and speaks to the hard work done by our teams to become a recognized leader in helping businesses everywhere meet the challenges of a generational disruption in the way people work.”

Disclosure: No position. Spotlight Growth has no relationships with any of the companies mentioned in this article and did not receive payment in any form for its creation. This is an opinion article and is not meant to be financial advise. We are not broker-dealers or investment professionals. Please conduct your own due diligence. For more information on our disclosures, please visit: https://spotlightgrowth.com/disclosures/