Plantronics sells Altec Lansing to Prophet Equity LP for $18 million
NYSE-listed Plantronics, Inc. has entered into a definitive pact to sell Altec Lansing, the Audio Entertainment Group of Plantronics, to Prophet Equity LP for consideration of approximately $18 million in cash, net of liabilities assumed, and subject to certain adjustments.
Under the arrangement, Plantronics will retain certain Altec Lansing assets and liabilities as of the closing date, including accounts receivable, accounts payable and certain other liabilities.
In addition, Plantronics will also retain assets and/or use of certain assets with strategic value to Plantronics, including the right to use the Altec Lansing brand for specific music applications for three years.
The transaction, which was approved by Plantronics' Board of Directors, is expected to close by the end of this month.