2GIG Technologies to be Acquired for $135 Million; Will Join Nortek's Technology Solutions Segment
Nortek Inc., Providence, R.I., a global diversified company with leading brands and innovative, technology-driven products and solutions for residential and commercial applications, signed a definitive agreement to acquire 2GIG Technologies Inc. (2GIG) from APX Group Inc. A privately held company based in Lehi, Utah, 2GIG is a designer and supplier of residential security and home automation systems. Developed with the assistance of Nortek's Linear® business, 2GIG’s Go!Control™ touch-screen panel is an industry-leading, self-contained, all-in-one home security and automation control panel. 2GIG also provides wireless interactive home security services and a wide range of peripheral hardware devices and systems components for home security and automation solutions.
Under the terms of the agreement, Nortek will pay approximately $135 million for all of the outstanding common stock of 2GIG on a cash- and debt-free basis. The acquisition will be financed with a combination of cash on hand and borrowings under Nortek's asset-based credit facility. The transaction is expected to close during the first half of 2013, subject to customary closing conditions including approval pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976.