Resideo Technologies, Inc. (REZI), a manufacturer of technology-driven products and solutions, announced Monday a definitive agreement to acquire Snap One Holdings Corp. (SNPO), a provider of smart-living products, for $10.75 per share in cash. The transaction is valued at approximately $1.4 billion, inclusive of net debt of around $460 million.
In pre-market activity on the Nasdaq, Snap One shares were climbing more than 30% to trade at $10.61.
Resideo further announced its preliminary first-quarter expectations for revenue of around $1.485 billion, compared with outlook of $1.460 billion to $1.510 billion. Adjusted EBITDA would be above the midpoint of outlook of $120 million to $140 million.
Resideo said the acquisition of Snap One is expected to be completed in the second half of 2024, subject to customary closing conditions, including receipt of applicable antitrust and other regulatory approvals.
Upon closing, Snap One will integrate into Resideo's ADI Global Distribution business.
The acquisition would combine ADI's strong position in security products distribution and Snap One's complementary capabilities in the smart living market and innovative Control4 technology platforms.
The deal is expected to be accretive to Resideo adjusted earnings per share in the first full year of ownership, with favorable revenue growth and margin profile to ADI and Resideo as a whole.
The transaction has been unanimously approved by the Boards of Directors of Resideo and Snap One.
Resideo said it intends to use proceeds from committed debt financing, cash on hand, and a $500 million perpetual convertible preferred equity investment from Clayton, Dubilier & Rice LLC to fund the transaction.
Resideo intends to release first quarter 2024 financial results on May 2.
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