HP Inc. said Monday it would buy audio and video products maker Poly for $1.7 billion in cash, a move that would help it take advantage of the electronic products boom sparked by hybrid working.

The deal offers $40 for each share of Poly, a premium of about 53% to the company's last closing price.

Including debt, the purchase is valued at $3.3 billion.

The buyout will strengthen HP's industry opportunity in hybrid work solutions and position the company for long-term growth, it said.

The deal is expected to close by the end of 2022.