Nortek Inc Completes Acquisition of 2GIG Technologies Inc

Nortek Inc announced that the closing of its previously announced acquisition of 2GIG Technologies, Inc. (2GIG), a privately held designer and supplier of residential security and home automation systems. The closing follows the satisfaction of all customary closing conditions, including approval pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976. In accordance with the terms of the acquisition agreement, Nortek acquired 2GIG for approximately $135 million on a cash and debt-free basis, funded via a combination of cash on hand and borrowings under Nortek's asset-based credit facility.