Components & Peripherals News
HP’s $3.3B Acquisition Of Poly: Six Things You Need To Know
Shane Snider, Steven Burke
HP’s $3.3 billion acquisition of Poly has big implications for hybrid work with HP plans for a “more complete” portfolio of hybrid work offerings and improved audio/video capabilities on HP systems.
An Initial Thumbs Down From HP Investors
HP shares were down $1.78, or four percent, after the PC andprinter maker acquired Poly in a $3.3 billion cash deal.
HP paid $40 cash for each share of Poly, a whopping 50 percent premium from the Friday close of Poly shares. Poly shares stood at $49.77 in mid-day trading.
Responding to the drop in HP shares, Lores told CNBC that HP was buying Poly for the long-term value.
“We are buying this company for the long term and for the long term value that we think we are going to be creating,” he said. “We strongly believe in the opportunity that we see in the hybrid space. We think this is a winning combination because of the portfolio, the technologies that they have and the complementary go-to market. We think we can really scale and the financial case is very strong. Long term this is a great acquisition for HP and we are very confident about that.”