Blackstone to buy Vivint for more than $2B
PROVO, Utah (AP) — Blackstone is leading a group that has agreed to buy home security provider Vivint for more than $2 billion.
Provo, Utah-based Vivint is one of the largest providers of home automation and security services in North America. Its shareholders include Goldman Sachs, Peterson Partners and Jupiter Partners.
Under the agreement announced Wednesday, Vivint will be acquired by a fund managed by the New York-based investment firm on behalf of its private equity investors.
"Vivint is the premier provider of home technology solutions — improving customers' lives with world-class home security, energy management, home automation, and solar energy," Peter Wallace, senior managing director at Blackstone, said in a statement. "We believe that the company is well positioned to capture significant share of these emerging markets."
The company said it supports more than 675,000 customers in the United States and Canada.
Blackstone also will buy Vivint Solar Inc. and 2GIG Technologies Inc. Vivint Solar provides solar power to residential customers across North America, while 2GIG develops security and automation equipment for residential and small commercial customers, Blackstone said.
Blackstone Group LP said the additions will expand its technology-based holdings. Vivint will retain its existing management team and continue to expand its sales force.
"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," Todd Pedersen, Vivint's co-founder and CEO, said in a statement.
The deal is expected to close by the end of the year.