SALT LAKE CITY (ABC4) — ZAGG, a Utah-based global mobile lifestyle company, announced Friday that the company is being sold to Evercel, Inc., according to a release on ZAGG’s website.
The deal will close in the beginning of 2021. ZAGG is based out of Midvale, Utah.
Evercel will gain the outstanding common stock of the Company for up to $4.45 per share in cash, and stockholders will receive $4.30 per share. They will be entitled to $0.25 per share if the Company’s Paycheck Protection Program Loan is forgiven following any audits, the release said.
“We are pleased with the value this transaction delivers to our stockholders and believe this is a positive development for all of our stakeholders. We look forward to continuing to serve our customers through exceptional products and continued industry-leading innovation. We are optimistic about our continued growth and the support that will be provided by Evercel,” ZAGG Chief Executive Chris Ahern, said.
Daniel Allen, CEO of Evercel, also expressed his opinion on the deal.
“We admire the ZAGG business and its portfolio of leading mobile lifestyle brands. We are excited to begin a long and successful partnership with the ZAGG team,” Allen said.
ABC4 reached out to Zagg concerning changes to jobs, the company’s name, and relocation. A representative confirmed that no changes will be made at this time.