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U.S.-based Resideo Technologies (REZI) said on April 15, 2024, it has entered into an agreement with Snap One Holdings (SNPO); to acquire the security solutions maker for about $1.4 billion.
The home safety and security solutions provider will acquire Snap One, a maker of security solutions such as surveillance cameras and thermostats, for $10.75 per share in cash, representing a premium of 32.06% from the stock’s last close.
Through this acquisition, Resideo’s ADI Global Distribution business will benefit from Snap One’s smart living solutions and innovative Control4 technology platforms, that bring all smart home devices into one easy-to-use control panel.
Resideo intends to fund the transaction with a combination of debt, cash on hand, and a $500 million perpetual convertible preferred equity investment from Clayton, Dubilier & Rice.
The deal being unanimously approved by the boards of Resideo and Snap One, is expected to be completed in the second half of 2024.
Further details can be found on the Deal Metrics page:
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