Utah-based company Vivint Smart Home is being purchased by Houston-based NRG Energy for more than $5 billion.
Vivint Smart Home specializes in the selling of home security seasons but the company also has its name on the Utah Jazz’s basketball arena. As of now, it’s unknown of the arena will change its name following the transaction.
According to a report by NRG, the total transaction came out to $5.2 billion with it being composed of $2.8 billion cash and an assumed debt amount of $2.4 billion. The agreement between the two companies sold Vivint shares at $12 a piece, equaling the $2.8 billion.
A press release from NRG Energy reveals that the company intends to maintain a significant presence in Utah following the completion of the transaction. It’s estimated that about 11,000 people who work for Vivint live in the United States and Canada with one-third of that total number being workers in Utah.
The NRG report also announced that the sale will close in the first quarter of 2023.
