Blackstone Completes $2B Deal to Acquire Vivint
PROVO, Utah — The Blackstone Group LP announces it has completed the acquisition of Vivint Inc., a provider of security and home automation services. The acquisition worth more than $2 billion was made by Blackstone Capital Partners, a fund managed by Blackstone for its private equity investors.
The acquisition includes Vivint, Vivint Solar and 2GIG Technologies. Vivint Solar, one of the fastest growing solar companies in the United States, furnishes solar solutions to residential customers. 2GIG offers security and automation equipment for residential and small business purposes.
Blackstone acquired Vivint from its investors — including Goldman Sachs Group, Jupiter Partners and Peterson Partners — with Vivint’s management giving up a considerable part of their ownership holdings. Merrill Lynch, a part of Bank of America Corp., and Citigroup Inc. administered the sale process.
Vivint’s efficiency and presence in an array of segments were the primary considerations during the acquisition bid, as well as stable subscriber fees charged from the customers, according to Blackstone. Blackstone is expected to provide capital to fund an expansion of Vivint’s services, its marketing potential to allure more clients and its access to foreign markets.
For more on Vivint, don’t miss SSI‘s February issue when Editor-in-Chief Scott Goldfine conducts an in-depth interview with Vivint CEO Todd Pedersen.
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