Willkie represented Resideo Technologies, Inc. (NYSE: REZI), a leading manufacturer and distributor of technology-driven products and solutions, in its $1.4 billion acquisition of Snap One Holdings Corp. (Nasdaq: SNPO), a leading provider of smart-living products, services, and software to professional integrators.

On April 15, Resideo and Snap One announced a definitive agreement pursuant to which Resideo has agreed to acquire Snap One for $10.75 per share in cash, 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 acquisition will combine Snap One's capabilities for smart living integrators with ADI's complementary position in adjacent security products distribution.

The transaction will be financed, in part, through the issuance of $500 million of convertible perpetual preferred stock by Resideo to affiliates of Clayton, Dubilier & Rice, LLC.

The transaction is expected to be completed in the second half of 2024, subject to customary closing conditions.

Resideo is a leading global manufacturer and developer of technology-driven products and components that provide critical comfort, energy management, and safety and security solutions to over 150 million homes globally. Through its ADI Global Distribution business, Resideo is also a leading wholesale distributor of professionally installed electronic security and life safety products for commercial and residential markets, and serves a variety of adjacent product categories including audio visual, data communications, and smart home solutions.

Willkie previously advised Resideo on numerous transactions, including its sale of Genesis Cable in 2023 and its acquisition of First Alert in 2022.

The Willkie team was led by partners Russell Leaf, Jared Fertman, Tej Prakash and Sean Ewen.