HP completes acquisition of hybrid work solutions provider Poly

HP Inc. has completed the acquisition of Poly, a leading global provider of workplace collaboration solutions such as video conferencing solutions, cameras, headsets, voice and software.

The combined organization will offer a leading portfolio of hybrid work solutions to drive long-term sustainable growth, strengthening HP's industry opportunity in hybrid work solutions, the latter said in a statement.

HP completed the deal as an all-cash transaction of $40 per share, implying a total enterprise value of approximately $3.3 billion, inclusive of Poly's net debt.

"This is a historic day for our business as we mark the union of two iconic companies that are innovating at the heart of hybrid work. Poly brings incredibly strong talent, differentiated technology, and a complementary go-to-market system that we believe will further strengthen our position in large and growing markets. Together, we will have vast opportunities to innovate for customers and grow our business as we continue building a stronger HP," said Enrique Lores, President and CEO of HP.

The combined organization will deliver a complete ecosystem of devices, software, and digital services to create premium employee experiences, improve workforce productivity, and provide enterprise customers with better visibility, insights, security, and manageability across their hybrid IT environments, HP said in a press release on Monday.

Thrilled to welcome Poly to HP! Working as one team, we will create the hybrid work experiences of the future. https://t.co/wj1eTHj6hv

— HP (@HP) August 29, 2022