Reuters broke the news this weekend that Logitech was in talks to acquire headphone maker Plantronics for more than $2.2 billion, but it looks like the deal isn’t happening. Logitech announced in a statement, as reported by TechCrunch, that it “was engaged in discussions with Plantronics regarding a potential transaction,” but those discussions were terminated.

“Logitech approached Plantronics regarding a potential acquisition and, consistent with the Plantronics Board’s fiduciary duties, the Company entered into discussions with Logitech,” Plantronics’ own statement reads. “Those discussions have ended. Plantronics will not comment further on this matter.”

A $2.2 billion deal would have been Logitech’s biggest acquisition to date by far, although it wouldn’t necessarily have reflected a particularly high valuation of Plantronics’ consumer business. Earlier this year Plantronics itself bought out video-conferencing solutions maker Polycom for $2 billion, which had to have been the main factor in Logitech’s willingness to pay so much.

Update, 11:50PM ET: Added statement from Plantronics and clarified language around Logitech’s announcement.