Home energy management and home security company Vivint will be bought for somewhere above $2 billion by Blackstone Group LP, the two companies said Wednesday. Vivint CEO Todd Pedersen said the acquisition would allow his Provo, Utah-based company to continue to grow in the home energy management market as well as move into new markets and technologies.
As part of the deal, Blackstone also will get Vivint Solar, a solar energy installation and services affiliate, and 2GIG Technologies, which develops security and automation equipment for residential and small commercial markets.
"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," Pedersen said.
Peter Wallace, senior managing director at Blackstone, commented "Todd Pedersen and the talented team at Vivint have built a remarkable company based on cutting edge product offerings and superior service. Blackstone is excited to partner with them in the next phase of the company's continued growth and innovation.