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Successful Vivint smart home venture merged into Softbank empire

Vivint Smart Home has announced that it is merging with Mosaic Acquisition, itself an investment vehicle formed by Mosaic Sponsor and Softbank subsidiary Fortress Investment Group. Softbank is wrapping itself up in a complex transaction, but one which does at least paint a good picture for the smart home sector. After the deal, Mosaic Acquisition will be changing its name to Vivint Smart Home, and claims the new entity will have an enterprise value of $5.6bn, a market cap of $3.1bn, annual revenues of $1.3bn and adjusted EBITDA of $530m. Vivint will use proceeds from the transaction to pay off debt and then “position the company to further capitalize on growth initiatives”. Vivint itself was acquired by the Blackstone Group…

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