HP is acquiring Poly for £2.52bn to drive the growth and scale of its peripherals and workforce solutions businesses.
According to Enrique Lores, President and CEO of HP, the acquisition accelerates the company’s strategy to create a more growth-oriented portfolio and positions the company for long-term sustainable growth and value creation.
“Poly’s technology, complementary go-to-market, and team will help to drive long-term profitable growth as we continue building a stronger HP,” he said.
HP expects to achieve £383m of revenue synergies by FY25 and accelerate Poly’s revenue growth to an approximately 15% CAGR over the first three years after closing. HP will look to cross-sell across its commercial and consumer sales channels while driving incremental sales from combining Poly’s products with HP’s PC portfolio.
Dave Shull, Poly CEO and President, added: “The combination gives us an opportunity to dramatically scale, reaching new markets and channels, supercharging our innovation.”
The transaction is expected to close by the end of calendar 2022.