Zagg Acquires iFrogz
In a merger of two makers of mobile device accessories, Zagg announced Tuesday that it has acquired iFrogz. The deal is for $105 million, which consists of $50 million of cash, 4.4 million restricted shares of ZAGG common stock and $5 million in assumption of debt.
“This transaction represents an exciting next step in ZAGG’s evolution, and gives us scale within the rapidly growing protective cases and audio products markets by allowing us to immediately broaden our product line and drive the growth of our retail footprint,” Robert G. Pedersen II, co-founder, president and CEO of Zagg, said. “iFrogz is highly complementary to ZAGG in terms of brand positioning, product lines and customer base."
iFrogz will operate as a wholly-owned subsidiary of Zagg, will remain headquartered in Logan, Utah, and will still be led by president and cofounder Scott Huskinson.