Zagg Acquiring Mophie for $100 Million
In an announcement made on their blog, Zagg has agreed to purchase battery case manufacture Mophie for at least $100 million.
ZAGG Inc (NASDAQ:ZAGG) and mophie inc. (“mophie”) announced today the signing of a definitive merger agreement under which ZAGG will acquire mophie. The transaction will leverage the unique strengths of two industry leaders in the mobile accessories sector to create a business with greater product diversification and improved operational capabilities.
The terms of the deal mean that the agreed upon price of Mophie is $100 million plus a 5-times EBITDA increase based on how Mophie performs from April 1, 2016 through March 31, 2017.