SALT LAKE CITY — Utah-based company Vivint Smart Home is being acquired for more than $5 billion by Houston-based NRG Energy.
The total transaction value of the sale is $5.2 billion, NRG reported, which is comprised of $2.8 billion in cash and the assumption of $2.4 billion in debt.
The agreement sold Vivint shares at $12 per share, which equals $2.8 billion in an all-cash transaction.
"Upon completion of the transaction, NRG intends to maintain a significant presence in Utah," a press release from NRG Energy reads.
NRG will also inherit federal oversight Vivint is currently under. Last year, Vivint agreed to pay $20 million to settle deceptive sales practices with the Federal Trade Commission.
Vivint employs about 11,000 people in the United States and Canada, with about one-third of its workers in Utah.
In addition to Vivint's ever-popular home security systems, the company also has its name on the Utah Jazz's basketball arena. There's no indication that will change with the acquisition.
The sale is expected to close in the first quarter of 2023, NRG reports.
