Incipio, a global consumer technology solutions platform, agreed to acquire Skullcandy, which creates audio experiences through its Skullcandy and Astro Gaming brands.

Under the terms of the definitive merger agreement between the companies, Incipio will pay a total of approximately $177 million.

The transaction will be financed primarily through a new senior credit facility with Monroe Capital Advisors and Wells Fargo Bank. The transaction is not subject to a financing condition.

The purchase price represents approximately a 29% premium over Skullcandy’s closing share price on June 22, 2016, and approximately a 49% premium over the 90-day, volume-weighted average price. Excluding Skullcandy’s cash, cash equivalents and short-term investments of $46 million as of March 31, 2016, the enterprise value of $131 million represents a 59% premium over the enterprise value on June 22, 2016.