CONSUMER

NRG Energy set to purchase Vivint Smart Home

Dec 6, 2022, 12:43 PM | Updated: 1:26 pm
(Photo: Vivint)...
(Photo: Vivint)
(Photo: Vivint)

SALT LAKE CITY — North American power and energy company NRG Energy announced plans to purchase Provo-based smart home company Vivint on Tuesday.

“The acquisition of Vivint is a transformational step in achieving our vision. Customers want simple, connected, and customized experiences that provide peace of mind,” said Mauricio Gutierrez, President and CEO of NRG, in the news release.

Vivint Smart Home CEO David Bywater said the purchase shows the “strength of the Vivint brand, capabilities, and proven industry leadership” and looks forward to the new opportunities Vivint has as a part of a larger group.

NRG will purchase Vivint for $12 per share or $2.8 billion in an all-cash transaction. The deal is expected to close in the first quarter of 2023.

After the announcement, NRG stocks dropped 16.5% in Tuesday morning trading, according to an Associated Press report.

NRG is a Houston, Texas-based company founded in 1992 and describes itself as “a Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, working towards a sustainable energy future.”

Vivint Smart Home was founded in 1997 in Provo, originally as Alarm Security Solutions, before being rebranded as Vivint in 2011. According to the news release, they provide an “integrated smart home system” for customers.

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NRG Energy set to purchase Vivint Smart Home