M&A · Tech · Telephone & Telegraph Apparatus
HP Inc to acquire Plantronics Inc
Announced Mar 28, 2022 · Closed Aug 29, 2022
Deal value$3.30BEV $3.30B
Premium—To unaffected price
EV / Adj. EBITDA13.2x1.9x EV / Revenue
ConsiderationAll cash$40.00 per share
Transaction
- Acquirer
- HP Inc (HPQ)
- Target
- Plantronics Inc
- Buyer type
- Strategic
- Offer price per share
- $40.00
- Enterprise value
- $3.30B
- Status
- Closed Aug 29, 2022
Deal protections
- Break fee (target pays)
- $66.0M · 2.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $36.0M
Sector context · Tech
- Comparable deals
- 61 in the prior 24 months
- Premium
- Sector median 31.0%
- EV / Adj. EBITDA
- 13.2x vs. 17.8x sector median
- Break fee
- 2.0% vs. 3.0% sector median
Timeline
- AnnouncedMar 28, 2022
- Proxy filedMay 2, 2022
- Definitive proxyMay 17, 2022
- Shareholder voteJun 23, 2022
- ClosedAug 29, 2022
Valuation · fairness opinions
Analyst price targets$28.00$55.00
Analyst price targets$25.00$49.00
Offer $40.00
Implied value per Plantronics Inc share by analysis, from Morgan Stanley.