ZAGG Acquires Mophie in $100 Million Deal
A huge merger has occurred in the mobile accessories space: ZAGG has acquired Mophie, maker of iPhone battery pack cases and more.
Randy Hales, CEO of ZAGG said in a statement “This strategic combination of two industry innovators with complementary product, brand and distribution platforms will enable us to deliver increased value for our customers and shareholders.”
Daniel Huang, mophie CEO said both companies have strong brands and shared values, so “The rationale for the merger is powerful and the combination enhances each company’s growth strategy while offering a truly compelling value proposition.”
The deal, explains both companies, will benefit retail customers with “creative product solutions” and a broader distribution channel and retail presence.
ZAGG will pay mophie $100 million at closing, funded by cash, debut and up to $5 million in common stock. Mophie’s CEO and COO will continue their current roles but report to ZAGG CEO Hales.
What do you think of this merger? Let’s see what both of these companies combined can churn out.