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Nortek Inc To Acquire 2GIG Technologies Inc

Thursday, 14 Feb 2013 08:30am EST 

Nortek Inc announced that it has signed a definitive agreement to acquire 2GIG Technologies Inc. (2GIG) from APX Group, Inc. A privately held company based in Lehi, Utah, 2GIG is an designer and supplier of residential security and home automation systems. 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. 

Company Quote

0.74 +0.90%
10:33am EDT