(By Balachander) Blackstone Group L.P. (NYSE:BX) has agreed to acquire Vivint Inc., a provider of home security and automation services, for in excess of $2.0 billion.
The manager of private capital will buy Vivint from its existing shareholders, including Goldman Sachs (GS), Peterson Partners and Jupiter Partners.
Todd Pedersen, co-founder and CEO of Vivint, said the deal should expand upon Vivint technology-based platform, accelerate the development and release of new services and enter new markets.
As part of the deal, Blackstone will purchase Vivint Solar Inc. and 2GIG Technologies Inc.
Vivint Solar, an affiliate of Vivint Inc., provides solar services that leverages the power purchase agreement (PPA) model to offer affordable solar power to residential customers throughout North America.
2GIG Technologies offers residential security and home management systems.
The deal is expected to be completed before the end of 2012.
BX shares closed at $15.23 on Tuesday.