ZAGG Inc (ZAGG.O) announced on Tuesday that it has bought privately held mobile device accessories company iFrogz Inc for about $105 million. ZAGG, which manufactures accessories for hand-held devices, bought all of the outstanding stock of iFrogz for $50 million in cash, 4.4 million restricted shares of ZAGG common stock, and assumed about $5 million of outstanding debt. The cash portion of the purchase price, as well as certain closing fees and expenses, are being financed through a new senior credit facility led by Cerberus Business Finance and PNC Bank. iFrogz will operate as a wholly-owned subsidiary of ZAGG led by its current president and co-founder Scott Huskinson.
ZAGG Incorporated (ZAGG) designs, manufactures and distributes protective coverings, audio accessories and power solutions for consumer electronic and hand-held devices under the brand names invisibleSHIELD, ZAGGaudio, and ZAGGskins. Shares of ZAGG traded higher by 3.98% or $0.482/share to $12.60. In the past year, the shares have traded as low as $2.08 and as high as $10.59. On average, 1274350 shares of ZAGG exchange hands on a given day and today's volume is recorded at 1276591.
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