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Mosaic SPAC to Merge With Vivint Smart Home, Creating $5.6 Billion Smart Home Public Company
- Client News
- September 16, 2019
Paul, Weiss is representing publicly traded special purpose acquisition company (SPAC) Mosaic Acquisition Corp. in its merger with Vivint Smart Home, Inc., creating a leading smart home public company with an anticipated enterprise value of $5.6 billion. Vivint is one of the largest smart home companies in the world, delivering integrated smart home products and cloud-enabled services to 1.5 million subscribers across 98 percent of the zip codes in the U.S., and in Canada. In connection with the transaction, Blackstone has agreed to invest $100 million in cash, and affiliates of Fortress Investment Group LLC (a subsidiary of SoftBank Group Corp.) have agreed to invest an additional $125 million in cash. Existing investors in Vivint to remain 100 percent invested, rolling over $2.3 billion in equity. Following the merger, Mosaic will be renamed “Vivint Smart Home, Inc.”
The Paul, Weiss team includes, among others, corporate partners Ross Fieldston, Jeffrey Marell, Raphael Russo and Eric Goodison and counsel Patricia Vaz de Almeida and Philip Heimowitz; intellectual property partner Claudine Meredith-Goujon; tax partner David Mayo; real estate partner Mitchell Berg; employee benefits partner Lawrence Witdorchic and counsel Reuven Falik and Uri Horowitz; antitrust counsel Yuni Sobel and Marta Kelly; and environmental counsel William O’Brien.