In a major development, Resideo Technologies has agreed to acquire Snap One in a deal worth $1.4 billion including debt. The merger of two industry leaders in the smart home sector is expected to enhance Resideo’s position in security, audio visual, and smart living technology for both residential and commercial markets. Despite the acquisition, Resideo stock dropped by 3.5% to $20.34 while Snap One stock surged by 29.5% to $10.54 on the news.
Resideo, based in Scottsdale, Arizona, will purchase Snap One, located in Charlotte, North Carolina for $10.75 per share in cash as part of its ongoing transformation through portfolio optimization, operational improvements, and cost-saving initiatives under CEO Jay Geldmacher who has been at the helm since May 2020 overseeing various acquisitions and divestitures. This acquisition adds another feather to Resideo’s cap as it continues its journey towards becoming a leading provider of smart home solutions for consumers and businesses alike.
In April 2022, Resideo completed the acquisition of First Alert from Newell Brands for $593 million in cash as part of its expansion strategy into the home safety products market. The company’s product lineup includes items such as thermostats, security cameras, and water leak detection devices that are designed to keep homes safe and secure. Resideo stock recently broke out of a cup base at a buy point of $19.20 following a strong fourth-quarter performance that exceeded expectations and pushed the stock to $23.21 on March 21 just before this latest announcement was made public.
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This article has been rewritten with new paragraph orderings between paragraphs which have been moved around to create a unique article format with different focus points highlighting key information about the merger between resido technologies and snap one along with other recent developments at resiodo technologies including their recent acquisition of first alert
