Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
PARK CITY — Skullcandy, a Utah-based audio and gaming company, is merging with another commodity company, the two companies jointly announced Friday.
Under the agreed terms announced by the two companies in a news release, Incipio, LLC, which owns several other accessory brands, will pay $177 million in cash ($5.75 per share) to acquire SkullCandy, Inc.
"We are excited to be joining forces with Incipio Group as we believe it's in the best interests of Skullcandy and our shareholders,” said Skullcandy CEO Hoby Darling in a news release. “The combination of our two companies allows us to better serve our consumers and retailers with focused, best-in-class products in multiple categories.”
The purchase, the companies said, was at a 29 percent premium over Skullcandy's closing share price on Wednesday.
"We have long admired Skullcandy's culture of innovation and ability to create pioneering audio experiences with quality and style,” added Incipio CEO Andy Fathollahi.
Skullcandy, mostly known for its headphones, was founded in 2003, and is based out of Park City. The Verge reported that the Skullcandy brand name will remain intact after the merger.