HP Inc (HPQ.N) said on Monday it would buy audio and video products maker Poly (POLY.N) for $1.7 billion in cash, a move that would help it take advantage of the electronic products boom sparked by hybrid working.
The deal offers $40 for each share of Poly, a premium of about 53% to the company’s last closing price.
Including debt, the purchase is valued at $3.3 billion.
The buyout will strengthen HP’s industry opportunity in hybrid work solutions and position the company for long-term growth, it said.
The deal is expected to close by the end of 2022.