Vivint Enters Agreement to be Acquired by Blackstone – BX
Vivint and Blackstone (NYSE: BX) announced a definitive agreement under which a fund managed by Blackstone on behalf of its private equity investors, Blackstone Capital Partner VI, L.P. (collectively with its affiliates, “Blackstone”), will acquire Vivint from its existing shareholders, including Goldman Sachs, Peterson Partners, Jupiter Partners and other minority shareholders for in excess of $2.0 billion. Vivint is the largest home automation services company in North America and second largest residential security services provider.
As part of the transaction, Blackstone will acquire Vivint Solar, Inc. and 2GIG Technologies, Inc. from its respective shareholders. Vivint Solar is an innovative provider of solar solutions that leverages the power purchase agreement (PPA) model to offer affordable solar power to residential customers throughout North America. 2GIG Technologies is a developer of industry-leading security and automation equipment for the residential and small commercial markets.“This acquisition by Blackstone is the next milestone needed to continue executing on our vision of connecting customers to the things that matter most to them—their homes, families, health, cars and businesses,” said Todd Pedersen, co-founder and CEO of Vivint. “Our partnership with Blackstone will enable us to expand upon our technology-based platform, accelerate the development and release of new services and enter new markets. I am excited about our future and honored to lead the company into this exciting new era.”
The partnership with Blackstone is expected to enable Vivint to extend its preeminent position in the home automation marketplace, while developing innovative new technologies, products and services designed to expand the company’s influence beyond the home environment into the automobile, the workplace, areas of recreation and other core spheres of human activity. The company will retain its existing management team driving its award-winning customer service approach. It will also continue to expand the sales force that has driven it to leadership in multiple industry categories.
Peter Wallace, Senior Managing Director at Blackstone, said, “Vivint is the premier provider of home technology solutions – improving customers’ lives with world-class home security, energy management, home automation, and solar energy. We believe that the company is well positioned to capture significant share of these emerging markets. Todd Pedersen and the talented team at Vivint have built a remarkable company based on cutting-edge product offerings and superior customer service. Blackstone is excited to partner with them in the next phase of the company’s continued growth and innovation.”
About Vivint, Inc.
Vivint Inc. is a leading provider of home technology services. Vivint services are delivered through a technology-based platform that integrates a wide range of wireless features and components to provide simple, affordable home security, energy management, home automation, and solar solutions.
About Blackstone – BX
Blackstone (BX) is one of the world’s leading investment and advisory firms. BX seeks to create positive economic impact and long-term value for its investors, the companies they invest in, the companies they advise and the broader global economy. BX does this through the commitment of their extraordinary people and flexible capital. Their alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-oriented funds and closed-end mutual funds. BX also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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