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Xplore Technologies Corp. (NASDAQ: XPLR) shares spiked on Thursday after it was announced that the company would be acquired by Zebra Technologies Corp. (NASDAQ: ZBRA). The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2018.

Under the terms of the agreement, Zebra plans to effect the acquisition via a tender offer. Zebra will acquire all outstanding common stock of Xplore for $6 per share in cash.

The transaction, including assumed indebtedness, is expected to be valued at roughly $90 million. Zebra expects to fund the transaction with a combination of cash on hand and fully committed financing available under its credit facility.

Xplore shareholders can expect to see a premium of 80% to the 50-day moving average of $3.33 and 87% to the 200-day moving average of $3.21.

Anders Gustafsson, CEO of Zebra, commented:

In today’s on-demand economy, investments to digitize operations are central to our customers’ strategies. The acquisition of Xplore enhances our product lineup and gives Zebra a complete rugged tablet portfolio that enables our customers to gain a performance edge. We’d previously outlined potential areas of expansion that are a natural fit for Zebra and its Enterprise Asset Intelligence vision, and this acquisition is aligned with that strategy. The addition of Xplore provides access to a great team and great products in an attractive market and should enable us to grow the category double digits going forward.

Shares of Zebra were last seen at $148.32, with a consensus analyst price target of $161.43 and a 52-week trading range of $94.78 to $161.72.

Xplore shares were trading up about 44% at $5.94. The consensus price target is $5.28 and the 52-week range is $1.93 to $5.98.