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Stock Market & Financial Investment News

News Breaks
February 26, 2013
18:00 EDTZAGGZAGG sees FY13 revenue $313M-$318M, consensus $308.08M
In a press release the company said: Guidance for 2013 net sales is $313.0 million - $318.0 million and Adjusted EBITDA of $69.0 million - $71.0 million.
News For ZAGG From The Last 14 Days
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February 2, 2016
17:03 EDTZAGGZAGG and mophie to combine
ZAGG Inc and mophie inc. announced 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."This strategic combination of two industry innovators with complementary product, brand and distribution platforms will enable us to deliver increased value for our customers and shareholders," said Randy Hales, President and Chief Executive Officer of ZAGG. "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."ZAGG has agreed to pay $100 million at closing, plus the amount by which 5X Adjusted EBITDA exceeds $100 million over a 12-month earn-out period. The 12-month earn-out period will run from April 1, 2016 to March 31, 2017. The purchase price at closing will be funded with cash and debt. The earn-out will be financed through a combination of cash, debt and up to $5 million in ZAGG common stock. The agreement also allows mophie to collect approximately $15 million from certain pre-merger tax and custom duties refunds and real estate sale proceeds, if received post-closing. During the earn-out period the management teams will work collaboratively to identify operational efficiencies through the adoption of best practices from both companies. The transaction is expected to close during the first quarter of 2016 subject to customary closing conditions, including regulatory approvals. The board of directors of each company have unanimously approved the transaction.

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