Poly Releases Letter to Customers and Partners Regarding Recent Acquisition by HP
On March 28, HP announced its definitive agreement to acquire Poly in an all-cash transaction with a total enterprise value of $3.3 billion, inclusive of Poly’s net debt. HP’s statement said the acquisition accelerates what HP calls its “strategy to create a more growth-oriented portfolio, further strengthens its industry opportunity in hybrid work solutions, and positions the company for long-term sustainable growth and value creation.”
On March 28, rAVe received a copy of a customer and partner letter regarding the acquisition. The letter was supplied to rAVe from a source who wishes to remain anonymous. Below is a copy of the communication sent from Poly to its customers.
March 28, 2022
Valued Customer & Partner,
At Poly, we put a lot of emphasis on maintaining transparent, rewarding and long-lasting relationships with our customers, and in that spirit we want to share an exciting development with you directly.
It is our pleasure to announce that we have entered into a definitive agreement under which Poly will be acquired by HP. This transaction brings together two technology pioneers to create a global leader in enterprise-grade technology that will allow people to connect and collaborate with each other anywhere and everywhere.
We always strive to stay ahead of what our customers need and ensure that our business works harder for your businesses, even as the way we all work has completely transformed. We think this transaction will help us deliver on that promise to even greater effect.
We share the same vision with the senior leaders at HP when it comes to the future of work, and Poly’s people, culture, and spirit of innovation are every bit as important to HP as our product roadmap for realizing it.
We look forward to providing even greater value for customers now, and going forward. With that said, as big as this change is, right now we are conducting business as usual: your points of contact at Poly will not change, our products and product roadmap remain fully intact, Poly will continue to fully meet all of its obligations directly, and you will continue to receive the same excellent service and support from us.
The completion of the transaction is subject to customary closing conditions, including obtaining required regulatory approvals and the approval of Poly’s stockholders, and is expected to occur by the end of calendar 2022. Until then, Poly and HP will continue to operate as two separate and independent companies. As always, Poly remains committed to delivering at the highest level of service.
We’ve included the press release here for reference. Copies of Poly’s definitive Transaction Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by Poly with the SEC in connection with the transaction will also be available, free of charge, at Poly’s investor relations website (https://investor.poly.com) or by contacting Poly’s Investor Relations at IR@poly.com .
Thank you for your support as we embark on this exciting journey.
Poly