Vivint Smart Home and Mosaic complete merger

PROVO, Utah and NEW YORK—Vivint Smart Home and Mosaic Acquisition Corp. announced the completion of the previously announced transaction between Vivint and Mosaic, which results in Vivint becoming a publicly traded company.

The transaction is one of the largest U.S. SPAC mergers ever with an enterprise value of $4.2 billion, including additional equity of $488 million.

The combined company will be named Vivint Smart Home and began trading under the ticker symbol VVNT on the New York Stock Exchange on Jan. 21, 2020.

Vivint's management team, led by founder and CEO Todd Pedersen and President Alex Dunn, will continue to lead the combined company. David Maura, executive chairman and CEO of Mosaic, will join the combined company's Board of Directors.

“Completing our merger with Mosaic and becoming a publicly traded company is an important milestone for Vivint,” Pedersen said in the announcement. “With the new capital from this transaction, we will strengthen our balance sheet and continue to invest to support our mission of helping families live more conveniently and intelligently with Vivint's smart home platform. As we begin our next chapter, Vivint is well positioned to achieve our goal of redefining the home experience.”

Maura added, “In a market where it is difficult to find value, Vivint presents a unique opportunity to invest in the rapidly expanding home automation space. Vivint's smart home technology empowers the customer to control the entire home from one app, and its offering is delivered with a customer-focused approach to sales, installation and service. In contrast to many competitors, Vivint owns its entire data stack, and the company has built a competitive moat by seamlessly merging the digital and physical worlds. I have made a significant personal investment in Vivint and I look forward to serving on the Board as Todd, Alex and the team lead the company through its next phase of growth and development.”

J.P. Morgan Securities LLC, Evercore and Blackstone Capital Markets served as financial advisors and capital markets advisors to Vivint. Deutsche Bank Securities, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and RBC Capital Markets LLC acted as financial advisors and capital markets advisors to Mosaic.