Zagg, best known for its line of screen protectors for mobile devices, recently announced the acquisition of mobile accessory maker Mophie. The deal is valued at $100 million with a stipulation for further payments over a 12-month period.
In a press release on the matter, Zagg said the deal will make it the market share leader in battery cases, screen protectors, tablet keyboards and external batteries. The merger will ultimately lead to a business with greater product diversification and improved operational capabilities, Zagg added.
Combined, the two companies generated net sales of approximately $470 million last year.
Once the deal closes - and through the life of the year-long earn-out stipulation, Mophie CEO Daniel Huang and COO Shawn Dougherty will continue in their current roles. Both will report to Zagg CEO Randall Hales. We're told that Mophie will continue to operate independently and that Zagg's role will primarily be to offer guidance.
Mophie was founded roughly a decade ago and is best known for its Juice Pack smartphone battery cases, a market that's rather crowded at this point.
Zagg said it expects the deal to close by the end of this quarter, assuming of course that there aren't any hang-ups with regulators.