HP is pressing on with its acquisition of Poly after the latter’s shareholders approved the deal last week.
The takeover, which HP announced in March, sees Poly valued at $3.3bn.
HP has now started exchanging any Poly notes held by investors for a combination of new HP notes and cash.
The PC vendor also revealed that it would merge part of its business into Poly, with Poly “surviving the Acquisition as a wholly-owned subsidiary of HP”.
When announcing the deal, HP said it would drive “growth and scale” in its peripherals business amid the rise of the hybrid working culture. It also pegged potential cost-saving synergies at $500m.
Poly has been hit hard by the ongoing components shortage and last month revealed that Q4 sales had dipped 11.5 percent year on year after Q3 sales fell 15.5 percent.
The vendor has, however, remained bullish, citing its strong backlog of orders as proof that its portfolio is in demand.
Supply chain constraints have also hit HP.
When HP announced the acquisition, CEO Enrique Lores said: “The rise of the hybrid office creates a once-in-a-generation opportunity to redefine the way work gets done.
“Combining HP and Poly creates a leading portfolio of hybrid work solutions across large and growing markets. Poly’s strong technology, complementary go-to-market, and talented team will help to drive long-term profitable growth as we continue building a stronger HP.”
HP expects to close the acquisition by the end of the year.
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