HP Inc. to acquire Poly – covering printing inks, coatings and related industries

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HP Inc. announced a definitive agreement to acquire Polyone of the world’s leading providers of workplace collaboration solutions, in an all-cash transaction for $40 per share, implying a total enterprise value of $3.3 billion, including Poly’s net debt.

The acquisition accelerates HP’s strategy to create a more growth-focused portfolio, further strengthens its industry opportunity in hybrid work solutions, and positions the company for long-term sustainable growth and value creation.

The rise of hybrid working is creating a sustained demand for technologies that enable seamless collaboration between home and work environments. Traditional office spaces are also being reconfigured to support hybrid working and collaboration, with a focus on meeting room solutions.

“The rise of the hybrid desktop creates a unique opportunity to redefine the way work gets done,” said Enrique Lores, HP president and CEO. “The combination of HP and Poly creates a leading portfolio of hybrid work solutions in large and growing markets. Poly’s strong technology, complementary go-to-market, and talented team will help drive long-term profitable growth as we continue to build a stronger HP.

In a more hybrid world, cloud platforms like Zoom and Microsoft Teams will play an important role in innovating new experiences. Eric Yuan, Founder and CEO of Zoom, added, “The highest quality audio and video have become an essential component of working in all industries, whether in the office, at home or on the go. The combination of Poly and HP offerings will open up new partnership opportunities with Zoom and transform any space into a hub for dynamic video collaboration.

Poly is a leader in video conferencing solutions, cameras, headsets, voice and software. Together, HP and Poly will deliver a comprehensive ecosystem of digital devices, software and services to create premium employee experiences, improve workforce productivity and provide business customers with better visibility, information, security and manageability in their hybrid IT environments.

The transaction is expected to close by the end of calendar year 2022, subject to Poly shareholder approval, required regulatory clearances and satisfaction of other customary closing conditions. HP will finance the transaction with a combination of balance sheet cash and new debt.

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