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Polycom Buying SpectraLink

The deal offers a 34% premium.

Polycom (PLCM) says it has agreed to buy SpectraLink (SLNK) for $220 million.

The Pleasanton, Calif., teleconference phone maker will pay $11.75 a share in cash, a 34% premium, for all outstanding shares of Boulder, Colo.-based SpectraLink.

With the deal, Polycom will add SpectraLink's wireless phones to its roster of office phone equipment. SpectraLink makes mobile phones and wireless systems typically used inside large operations like hospitals and warehouses.

SpectraLink devices use wireless formats including WiFi as well as Digital Enhanced Cordless Telecommunication, or DECT.

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"The SpectraLink acquisition extends Polycom's leading IP-based collaboration solution to the rapidly-growing mobility environment," CEO Robert Hagerty said in a press release.

SpectraLink shares closed up a quarter at $8.81, and Polycom was down 9 cents to $34.75 in postclose trading.