Zagg Inc (NASDAQ:ZAGG) reported the purchase of HALO for $43 million in cash and stock.
The Salt Lake City-based Zagg, a global leader and innovator in accessories and technologies that empower mobile lifestyles, today announced it has acquired HALO, a leading direct-to-consumer mobile accessories company with an extensive IP portfolio.
HALO boasts a rich history in innovation and a broad IP portfolio—including wireless charging, car and wall chargers, portable power, power wallets, and more—and a long-standing reputation as one of the top selling electronics brands on QVC®.
The addition of HALO strengthens ZAGG’s product, brand, distribution, innovation pipeline, and IP portfolio while furthering its mission to empower the mobile lifestyle.
A news release out Friday stated that HALO will benefit by leveraging ZAGG’s expansive global distribution footprint and expertise in building preferred brands to drive increased sales and profitability.
Said ZAGG CEO Chris Ahern, "The acquisition of HALO… creates meaningful value for our shareholders through the addition of a powerful new and profitable revenue stream along with an entrée into the multi-billion-dollar televised and online home shopping channel.
"HALO’s business is immediately accretive to our gross margins, and provides us with incremental and diversified growth opportunities as we continue toward our goal of $1 billion in annual revenue and enhanced profitability."
Share prices rocketed 53 cents, or 5.5%, mid-morning Friday, to $10.20
Related Stories
