Southwire Company, LLC completed the acquisition of Genesis Cable business of Resideo Technologies, Inc. for $87.5 million.
October 15, 2023
Share
Southwire Company, LLC entered into an definitive agreement to acquire Genesis Cable business of Resideo Technologies, Inc. (NYSE:REZI) on September 19, 2023. The transaction is valued at approximately $87.5 million. Genesis team joins Southwire. The transaction is subject to customary closing conditions and is anticipated to close in the next 30 days. JPMorgan acted as financial advisor for Resideo. Tej Prakash and Russell Leaf of Willkie Farr & Gallagher LLP acted as legal advisors to Resideo Technologies, Inc. in the deal.
Southwire Company, LLC completed the acquisition of Genesis Cable business of Resideo Technologies, Inc. (NYSE:REZI) for $87.5 million on October 16, 2023. The after-tax proceeds will be used to support Resideo's capital allocation strategy which includes ongoing organic and inorganic investments and the recently announced share repurchase program.
Resideo Technologies, Inc. is a manufacturer and developer of technology-driven products and solutions. Its segments include Products and Solutions and ADI Global Distribution. The Products and Solutions segment offers temperature and humidity control, thermal and combustion solutions, water and indoor air quality solutions, smoke and carbon monoxide detection home safety products and fire suppression products, security panels, sensors, peripherals, communications devices, video cameras, other home-related lifestyle convenience solutions, cloud infrastructure, installation and maintenance tools, and related software. The ADI Global Distribution segment is a wholesale distributor of low-voltage security products including security, fire, access control and video products, and participates significantly in the broader related markets of smart home, access control, power, audio, ProAV, networking, communications, wire and cable, enterprise connectivity, and structured wiring products.