NRG Energy, Inc. (NYSE: NRG) has completed its acquisition of Vivint Smart Home, Inc., effective on Saturday, March 11. The $2.8 billion cash buyout was first announced on December 6, 2022.
NRG says the acquisition accelerates the realization of its consumer-focused growth strategy and offering consumers simple, connected experiences to power, protect, and manage their homes intelligently. The acquisition improves and diversifies NRG’s financial profile while also expanding the total market opportunity available to NRG.
“This acquisition is the next step in our consumer services strategy,” said Mauricio Gutierrez, NRG President and Chief Executive Officer. “Today, NRG is at the intersection of energy and home services, with a unique end-to-end smart home ecosystem underpinned by our exceptional customer experience. I am excited to welcome Vivint into the NRG family.”
The company now features a larger customer footprint, serving a network of approximately 7.3 million customers across North America that represents a substantial cross-sell opportunity through market-leading brands and complementary sales channels.
NRG’s leadership in energy markets combined with Vivint’s tech-forward smart home solutions come together as a platform to provide additional opportunities to serve customers with products and services across power, natural gas, and essential home services segments.
NRG Energy is an energy and home services company operating in the United States and Canada. Vivint, the No. 2 company in the CE Pro 100, was previously listed on the New York Stock Exchange under the trading symbol VVNT. Since the announcement of acquisition, a court ruled in a $189 million verdict against Vivint in a case brought by CPI Security alleging deceptive sales practices. More recently, Alert 360 has filed a suit against Vivint claiming unfair business practices.
