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Resideo to acquire Snap One for US$1.4B

Resideo Technologies announced an agreement to acquire Snap One for US$10.75 per share in cash, for a transaction value of approximately US$1.4 billion, inclusive of net debt.

Upon closing, Snap One, maker of the Control4 platform and other home automation and security solutions, will integrate into Resideo’s ADI Global Distribution business.

“The acquisition of Snap One is an exciting step in Resideo’s continued transformation through portfolio optimization, operational enhancements and structural cost savings actions,” said Jay Geldmacher, president and CEO, Resideo, in a statement.

“ADI and Snap One are highly complementary businesses and together will meaningfully enhance our strategic and operational capabilities as a significant player in attractive growth categories. We are excited about the enhanced value proposition through increased product breadth, local availability, support services and broad market expertise, as well as the future opportunities this creates for integrators serving residential and commercial markets.”

“Snap One has grown from a startup built by entrepreneurial integrators to an industry leader in smart technology, delivering seamless experiences to consumers and high-quality services and support to our integrators,” added John Heyman, CEO, Snap One. “This is the right next step to capture new opportunities to bring our solutions to market. The future of smart living is here. Demand for connected technology products continues to grow, and Resideo is the right owner to drive our expansion. We believe this transaction will deliver compelling value to our stakeholders and will create opportunities for our people and integrator partners.”

The transaction has been unanimously approved by the Boards of Directors of Resideo and Snap One, and is expected to be completed in the second half of 2024, subject to customary closing conditions and regulatory approvals.