Tustin-based smartphone battery case maker Mophie Inc. has been acquired for at least $100 million by rival Zagg Inc. in Utah.
The transaction, which is expected to close by April, has been unanimously approved by the boards of each company. The value of the deal—a mix of cash, debt and stock—could escalate if Mophie hits certain revenue benchmarks through March 2017.
The deal calls for Mophie Chief Executive Daniel Huang and Chief Operating Officer Shawn Dougherty to remain with the company through the earn-out period. Zagg’s board will not change in connection with the deal, the company said.
Zagg makes protective sleeves, keyboards, smartphone cases, and power and audio accessories.
Shares of the Salt Lake City-based company were up 8.2% at the close of intraday trading with a market value of about $273 million.
The combined company is expected to have annual revenue of about $470 million. Zagg posted sales of $261.5 million in 2014, the last figure available.
