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Snap One Holdings Corp. (SNPO) provides smart living technology through its integrated platform for professional integrators. This news hub delivers official updates and market insights to track the company's strategic developments.
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Resideo Technologies has completed its acquisition of Snap One for $1.4 billion, aiming to enhance its presence in the smart living market. The integration of Snap One into Resideo's ADI Global Distribution segment is expected to expand product offerings and digital capabilities. The acquisition is anticipated to be accretive to Resideo's non-GAAP Adjusted EPS in 2025, with expected synergies of $75 million by 2027. Additionally, investment funds managed by Clayton, Dubilier & Rice completed a $500 million convertible preferred stock investment in Resideo. As part of the transaction, Nate Sleeper and John Stroup from CD&R have joined Resideo's Board of Directors.
Snap One Holdings Corp. (Nasdaq: SNPO) announced the completion of its acquisition by Resideo Technologies. The merger was executed through the amalgamation of a wholly-owned subsidiary of Resideo with Snap One, resulting in Snap One becoming a wholly-owned subsidiary of Resideo. This transaction marks a significant milestone for Snap One, which will now operate under the Resideo umbrella. Further details on Resideo can be found on their website.
Snap One Holdings Corp. (Nasdaq: SNPO) announced plans to suspend trading of its common stock as part of its acquisition by Resideo Technologies, projected to close on June 14, 2024. Upon completion, Snap One will become a wholly-owned subsidiary of Resideo. The company will file Form 25 with the SEC around June 14, 2024, to suspend trading on Nasdaq after market close. Subsequently, Snap One intends to file Form 15 to indefinitely cease its reporting obligations.
Snap One Holdings Corp. reported financial results for the fiscal first quarter of 2024, with a merger agreement with Resideo Technologies, Inc. Snap One's net sales decreased by 2.4%, net loss increased by $8.4 million, contribution margin increased by 2.1%, adjusted EBITDA decreased by 0.8%, and adjusted net income decreased to a loss of $10.0 million. Cash and cash equivalents were $41.3 million as of March 29, 2024.
