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Vivint to cut enterprise value in merger deal with SoftBank unit

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12/18/2019 | 09:28pm EST

Vivint Smart Home Inc has agreed to reduce its initial enterprise value to about $4.1 billion, in a deal to merge the U.S. home automation company with a firm funded by Japan's SoftBank Corp's unit.

In September, Blackstone Group backed Vivint had agreed to merge with Mosaic Acquisition Corp, formed by SoftBank unit Fortress Investment Group, to create a firm with an enterprise value of $5.6 billion.

Mosaic will take on the Vivint name after the deal closure.

In addition to the previously disclosed $125 million investment in Vivint, the amendment to agreement will also see Fortress Investment Group LLC investing up to $50 million in Vivint, the companies said in a joint statement on Wednesday.

Blackstone, along with other existing investors of Vivint will own about 55% percent of the company following the merger, the companies said.

(Reporting by Maria Ponnezhath; Editing by Rashmi Aich)

Stocks mentioned in the article
ChangeLast1st jan.
MOSAIC ACQUISITION CORP. 7.46% 16.27 Delayed Quote.58.19%
SOFTBANK CORP End-of-day quote.
SOFTBANK GROUP CORP. 1.08% 5517 End-of-day quote.17.73%
THE BLACKSTONE GROUP INC. 0.02% 62.95 Delayed Quote.12.53%
THE MOSAIC COMPANY -3.75% 18.75 Delayed Quote.-13.35%
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