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Vivint Smart Home Announces Merger With Mosaic Unit - Quick Facts

Vivint Smart Home, Inc. and Mosaic Acquisition Corp. (MOSC) have agreed to merge Vivint with a subsidiary of Mosaic. Mosaic will be renamed, Vivint Smart Home, Inc. The merged company is projected to have an initial enterprise value of approximately $5.6 billion and an initial market capitalization of approximately $3.1 billion. Mosaic will apply to list shares being issued in connection with the merger on the NYSE. Vivint will continue to be led by its management team.

Blackstone and other investors of Vivint are expected to own approximately 78 percent of the outstanding shares of Vivint immediately following the deal. Net cash proceeds are projected to be approximately $690 million at closing. Vivint plans to use proceeds to immediately pay down debt. The remaining outstanding shares of Vivint will be held by the current stockholders of Mosaic and certain other investors.

Blackstone has agreed to invest $100 million in Vivint through an investment in the common stock of Mosaic, at a price of $10.00 per share, immediately prior to the closing of the deal. Affiliates of Fortress have agreed to invest an additional $125 million in Vivint through an investment in the common stock of Mosaic, at a price of $10.00 per share.

The merger is anticipated to be completed during the fourth quarter of 2019 or the first quarter of 2020.

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