Simpson Thacher is representing Snap One Holdings Corp. (Nasdaq: SNPO) (“Snap One”) in connection with its entry into a definitive agreement to be acquired by Resideo Technologies, Inc. (NYSE: REZI) (“Resideo”). Under the terms of the transaction, Resideo will acquire Snap One for $10.75 per share for a transaction value of approximately $1.4 billion, inclusive of net debt. Upon closing, Snap One will integrate into Resideo's ADI Global Distribution business. The transaction is expected to be completed in the second half of 2024, subject to customary closing conditions.
As a leading distributor of smart-living technology, Snap One empowers its vast network of professional integrators to deliver entertainment, connectivity, automation, and security solutions to residential and commercial end users worldwide. The transaction will 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, which is expected to drive increased value for integrators and financial returns. Together, ADI and Snap One will provide integrators an increased selection of both third-party products and proprietary offerings through an extensive physical branch footprint augmented by industry leading digital capabilities.
Simpson Thacher represented Snap One in connection with its initial public offering in 2021.
The Simpson Thacher team includes Eric Swedenburg, Katherine Krause, Lou Argentieri, Michael Chen and Maddie Hawkins (M&A); Brian Steinhardt and Matt Farrell (Credit); David Rubinsky, Laura Gallo and Allison Sutherland (Executive Compensation and Employee Benefits); Russell Light and Andrew Mandelbaum (Tax); Lori Lesser and Riley Morrow (Intellectual Property); and Sara Razi, Preston Miller and Lara Fishbane (Antitrust).