Zagg buys popular accessory maker Mophie for $100 Million
Mophie, the ever so popular external battery and case maker, has been bought by Zagg, one of the most popular screen protector companies on the market. The purchase has been recorded for at least $100 million. Both Zagg and Mophie confirmed that they have signed a definitive agreement stating that they will see $100 million when the deal closes somewhere in the first quarter, with additional money based on how much sales have adjusted between April 1st, 2016 and March 31st, 2017.
In a statement, Zagg CEO Randy Hales states that the deal creates "numerous opportunities" that could boost profits and revenues by combining the two companies strengths and distribution networks. Under the merger, Mophie's CEO Daniel Huang and Shawn Dougherty, who is the company's operating chief, will continue to work in their current roles, but they will report to Hales instead.
Hales also went on to say that "We are combining with a talented group of people," as Mophie's estimated revenue is around $200 million. He also said that he has some exciting prospects for the companies. "We believe we are coming in at just the right time ... it's a growth business, headed in the right direction"
Via: | Re/Code |
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Source: | No source Given |
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Image Credit: | BGR |
