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Nortek Buying 2GIG Tech for $135 Million

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On Thursday, self-described "technology-driven" "lifestyle improvement" company Nortek (NASDAQ: NTK  ) announced it is buying privately held 2GIG Technologies from APX Group.

Nortek will pay $135 million to acquire all outstanding shares of the residential security and home automation company, which makes touch-screen panels for "smart homes," used to control environmental and home alarm systems. The companies are already closely aligned, as 2GIG has been a customer of Nortek for some time. Nortek itself is a leading provider of whole-house audio, video, and security solutions.

As part of the agreement, Nortek noted that it will be agreeing to a five-year supply agreement with 2GIG customer Vivint, "one of the largest home automation services companies in North America."

Nortek shares are reacting positively to the news, rising 0.8% on a down day for the market, and recently selling for $73.50.

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12/31/1969 7:00 PM
NTK $0.00 Down +0.00 +0.00%
Nortek CAPS Rating: No stars