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NRG Energy to buy Vivint Smart Home for $2.8B
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NRG Energy Inc. said it agreed to buy home-security business Vivint Smart Home Inc. for $2.8 billion in cash, as the energy-services company pushes to have a presence in more American homes.
NRG said Tuesday it would pay $12 a share for Vivint, which offers integrated home systems that include security, lighting and other services. The price marks a 33% premium to Vivint’s closing price on Monday of $8.99 a share. Including debt, the companies put the total deal value at $5.2 billion.
The combination, expected to close in the first quarter of 2023, will allow Houston-based NRG to integrate its home-energy services into Vivint’s home system. NRG will also get Vivint’s back-end technology, which includes an app for smartphones, as well as a chance to expand its product offerings to include home security and automation.
Shares of NRG fell 15% to $34.78, on pace for their largest one-day percent decline since March 2021. Vivint shares rose 32% to $11.89.