Resideo Technologies has agreed to acquire Snap One for a transaction value of approximately US$1.4 billion. Upon closing, Snap One will integrate into Resideo’s ADI Global Distribution business.

The transaction is expected to be completed in the second half of 2024. The deal has been unanimously approved by the boards of directors of Resideo and Snap One. Private investment funds managed by Hellman & Friedman LLC, holding approximately 72% of the common shares of Snap One, have executed a written consent to approve the merger, providing stockholder approval.

“The acquisition of Snap One is an exciting step in Resideo’s continued transformation through portfolio optimisation, operational enhancements and structural cost savings actions,” Resideo president and chief executive Jay Geldmacher says.

“ADI and Snap One are highly complementary businesses and together will meaningfully enhance our strategic and operational capabilities as a significant player in attractive growth categories. We are excited about the enhanced value proposition through increased product breadth, local availability, support services and broad market expertise, as well as the future opportunities this creates for integrators serving residential and commercial markets.”

Snap One chief executive John Heyman says the move is the right next step to capture new opportunities in the market.

“The future of smart living is here. Demand for connected technology products continues to grow, and Resideo is the right owner to drive our expansion. We believe this transaction will deliver compelling value to our stakeholders and will create opportunities for our people and integrator partners,” he says.

The acquisition will combine Snap One’s capabilities for smart living integrators with ADI’s complementary position in adjacent security product distribution.