Under the terms of the acquisition, Plantronics acquired Polycom at a US$2.0 billion enterprise value with the total consideration consisting of approximately US$1.638 billion in cash and 6.352 million Plantronics shares.
Completion of the deal sees Triangle Private Holdings II — which was Polycom’s sole shareholder — owning approximately 16.0% of Plantronics.
“We are pleased that Plantronics and Polycom are moving ahead as one company focused on putting people at the centre of every collaboration experience,” said Joe Burton, Plantronics’ president and chief executive.
Completion of the transaction will see Frank Baker, co-founder and managing partner, Siris Capital Group — an affiliate of Triangle Private Holdings — and Daniel Moloney, executive partner, Siris Capital Group, appointed to Plantronics board of directors.
“The combination of Plantronics and Polycom comes at a critical time when customers are searching for high-quality audio and video solutions that are easy to buy, easy to use, and easy to manage,” said Ira Weinstein, founder, Recon Research.
“The company’s offerings work with on-premises, cloud (service provider) and hybrid platforms, giving customers the flexibility to choose their deployment method and cloud migration timing. In addition, its global channel and technology partner ecosystem fosters both innovation and global reach. We’re expecting great things in the future from the new and expanded Plantronics.”