HP buys Poly for $3.3 billion
HP announces the acquisition of Poly (formerly Plantronics), a global provider of workplace collaboration solutions, for a total of $3.3 billion. All will be paid in cash at $40 per share.
Acquisition of Poly by HP
In his press release, HP says the buyout will bolster its hybrid work offerings, like headsets and video conferencing hardware. The IT giant hasn’t said whether Poly will continue to operate as a separate brand or retain its CEO, but the deal is expected to close by the end of 2022.
Don’t expect this to lead to HP-branded consumer headsets or earphones. When Plantronics changed its name to Poly, the company was already transitioning from personal audio to work-oriented products like meeting room speakers and video conferencing cameras. Only a handful of products (like the Voyager headphones) are designed for home use, at least in part. As it stands, HP is already targeting everyday users with its gaming-focused HyperX brand.
“The rise of the hybrid office creates a unique opportunity to redefine the way work gets done”said Enrique Lores, CEO of HP. “The combination of HP and Poly creates a leading portfolio of hybrid working solutions in important and growing markets. Poly’s strong technology, complementary market, and talented team will contribute to long-term profitable growth as we continue to build a stronger HP.”
For his part, Dave Shull, CEO of Poly, believes that this takeover “gives us the opportunity to grow dramatically, reaching new markets and channels, and strengthening our innovation with a like-minded partner”.
