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News Breaks | | | | February 14, 2013 | | 08:36 EDT |  | NTK | Nortek to acquire 2GIG Technologies for $135M
Nortek announced that it has signed a definitive agreement to acquire 2GIG Technologies from APX Group. A privately held company based in Lehi, Utah, 2GIG is an innovative designer and supplier of residential security and home automation systems. Under the terms of the agreement, Nortek will pay approximately $135M for all of the outstanding common stock of 2GIG on a cash- and debt-free basis. The acquisition will be financed with a combination of cash on hand and borrowings under Nortek's asset-based credit facility. The transaction is expected to close during the first half of 2013, subject to customary closing conditions including approval pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976. | |
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