Plantronics Inc (NYSE:POLY) is trading significantly higher Monday after HP Inc (NYSE:HPQ) announced it will acquire the company.
HP entered into a definitive agreement to acquire the company for $40 per share in an all-cash transaction, implying a total enterprise value of $3.3 billion.
The acquisition accelerates HP’s strategy to create a more growth-oriented portfolio, further strengthens its industry opportunity in hybrid work solutions and positions the company for long-term sustainable growth and value creation.
For Plantronics, the business combination will allow the company to dramatically scale while accelerating its innovation with a like-minded partner.
Plantronics designs and manufactures lightweight communications headsets, telephone headset systems and other communications endpoints.
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POLY 52-Week Range: $22.69 - $43.40
The stock was up 50.3% at $39.37 at time of publication.
Photo: courtesy of Plantronics.
