Shares of Vivint Smart Home Inc. (NYSE: VVNT) were surging 32.36% higher at $11.90 at the time of our last check during early trade after the firm get a takeover bid.
Who attempted to acquire VVNT?
NRG Energy Inc., a power provider, today announced that it will acquire Vivint Smart Home (VVNT) for $2.8 billion in cash, expanding its portfolio of home services to include security and other automation solutions.
With the aid of a single touchscreen panel, a variety of home security solutions and hubs from Vivint can be used to operate other automation devices like the Amazon Echo and Google Home. Over 7.4 million clients will be served across North America by the enterprises collectively. Blackstone acquired VVNT, located in Provo, Utah, in 2012 for more than $2 billion. Then, through a reverse merger with Mosaic Acquisition, a SoftBank Corp. special-purpose acquisition business, VVNT became a publicly traded corporation.
Vivint Smart Home (VVNT) has introduced a new feature that enables Vivint Smart Energy clients to examine solar output statistics from their solar panels directly in the Vivint app. With the aid of this feature, consumers can create a smarter, greener, safer, and more cost-effective home while also further integrating solar energy into the VVNT experience.
Customers of Vivint will be able to view the clean energy generated by their solar systems directly through the Vivint app, including information on how much energy the panels produce, insights into how well they are working, potential savings over using energy from the grid, and what kind of environmental impact their system is having.
In order to improve its industry-leading smart home experience for clients, Vivint Smart Home (VVNT) has made smart energy a significant priority over the past couple of years. With this new connection, the house will become even more intelligent, and VVNT customers will have the information they need to spend energy more wisely.
How does the buyout benefit VVNT?
The $12 per share deal represents a 33.5% premium over the Monday closing price of VVNT stock. As part of the agreement, Houston, Texas-based NRG will also assume a $2.4 billion debt burden. Vivint Smart Home (VVNT) is expecting to close the transaction in the first quarter of next year which has been unanimously approved by the boards of both companies.