RESIDEO TECHNOLOGIES, INC. (REZI): M&A transaction — Resideo completes Snap One acquisition for ~$1.4B; secures $500M CD&R investment and $600M term loan
RESIDEO TECHNOLOGIES, INC.
All-cash acquisition of Snap One at $10.75/share; total value ~$1.4B including net debt.
CD&R invested $500M in convertible preferred stock (500k shares at $1,000/share); two CD&R partners appointed to board.
Obtained $600M incremental term loan (matures 2031) and $500M revolving credit facility to finance deal and fees.
Transaction expected to be accretive to non-GAAP Adjusted EPS in first full year; targets $75M annual synergies by 2027.
Resideo plans to update 2024 annual outlook during Q2 earnings call in early August.
the Board, upon the recommendation of its Nominating and Governance Committee, appointed Nathan K. Sleeper and John Stroup, each CD&R partners, as new members of the Board to serve until the 2025 annual meeting of stockholders of the Company.
the Board, upon the recommendation of its Nominating and Governance Committee, appointed Nathan K. Sleeper and John Stroup, each CD&R partners, as new members of the Board to serve until the 2025 annual meeting of stockholders of the Company.
Key facts
Extracted from this filing and checked against the source text.
Executive changeSEC 8-K Item 5.02confidence 0.95
Nathan K. Sleeper was appointed as Director at RESIDEO TECHNOLOGIES, INC..
Action
appointed
Role
Director
Exact text from the filing
the Board, upon the recommendation of its Nominating and Governance Committee, appointed Nathan K. Sleeper and John Stroup, each CD&R partners, as new members of the Board to serve until the 2025 annual meeting of stockholders of the Company.
John Stroup was appointed as Director at RESIDEO TECHNOLOGIES, INC..
Action
appointed
Role
Director
Exact text from the filing
the Board, upon the recommendation of its Nominating and Governance Committee, appointed Nathan K. Sleeper and John Stroup, each CD&R partners, as new members of the Board to serve until the 2025 annual meeting of stockholders of the Company.
RESIDEO TECHNOLOGIES, INC. completed an acquisition involving Snap One Holdings Corp. for $10.75 in cash (closed 2024-06-14).
Action
acquisition
Counterparty
Snap One Holdings Corp.
Consideration
$10.75 in cash
Closing
2024-06-14
Exact text from the filing
any shares held by Snap One, the Company, Merger Sub or any other direct or indirect wholly owned subsidiary of Snap One or the Company) was converted into the right to receive $10.75 in cash, without interest and less any applicable withholding taxes (the “Merger Consideration”). The foregoing description of the Merger Agreement and the Merger does not purport
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