Zagg Is Buying Rival Phone Case Maker Mophie
The handset accessory market is set to get a little snugger, as InvisibleShield maker Zagg gets ready to buy Mophie, a name that's become virtually synonymous with smartphone charging cases.
The two companies issued an enthusiastic joint press release today announcing the deal, which has the Utah-based company shelling out at least $100 million for the acquisition.
The deal will make for one accessory manufacturer — according to Zagg's numbers, the pair generated around $470 million in combined sales last year. That acquisition is expected to close later this quarter, if all goes according to plan.
There are still some questions, including branding on future products, particularly as Mophie reacts to Apple's unexpected decision to throw its own hat in the charging case ring. The duo will likely shed a bit of light on the plan during a press conference later this evening.
In the meantime, here's an excitedly ambiguous quote from Zagg CEO Randy Hales, who seems predictably psyched about the whole thing: "We see numerous opportunities to drive revenue growth and increase profitability by leveraging the strengths of both organizations to strengthen product development, improve brand presence, and expand distribution."