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Blackstone and Vivint have come to a definitive agreement, which under a fund managed by Blackstone on behalf of its private equity investors Blackstone Capital Partner VI, will acquire Vivint from its current shareholders. The transaction is estimated to be worth over US$2 billion, with current Vivint investors being bought out including Goldman Sachs, Peterson Partners, Jupiter Partners and other minority stakeholders.
The transaction includes Blackstone’s attainment of Vivint Solar and 2GIG Technologies. Vivint will maintain its current management team with plans to expand its sales team also in the works. The acquisition is expected to be closed before the end of the year.
“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 honoured to lead the company into this exciting new era.”