PROVO, Utah (ABC4) — Provo-based Vivint Smart Home has been bought by Houston, TX-based NRG Energy, Inc., according to a release by

NRG is acquiring Vivint at $12 per share, which comes out to about $2.8 billion in cash. NRG will also assume $2.4 billion of debt from Vivint for a total deal of around $5.2 billion. The sale is expected to close in the first quarter of 2023. The deal was unanimously approved by the boards of directors of both companies.

“Upon completion of the transaction, NRG intends to maintain a significant presence in Utah,” stated the press release, though details were not disclosed. The release also did not mention any changes to jobs or employment.

Vivint’s products include home security systems, cameras, smart home products, and other services provided to around two million customers.

“We are pleased to announce a transaction that delivers immediate and compelling cash value to Vivint’s stockholders while also presenting significant opportunities to drive our company’s continued success in the years to come,” said David Bywater, CEO of Vivint Smart Home. “Our agreement with NRG is the culmination of our Board’s ongoing pursuit of maximizing value for Vivint stockholders and is a testament to the strength of the Vivint brand, capabilities, and proven industry leadership. We look forward to working with NRG to create exciting opportunities for Vivint as part of a larger platform. On behalf of our Board and management team, I thank the hard-working Vivint employees for the significant role they have played in this important milestone.”

NRG has over 6,500 employees and 5.5 million customers across 24 U.S. states, Washington D.C., and eight Canadian provinces. NRG also owns companies like Reliant, Direct Energy, Green Mountain Energy, GoalZero, and Discount Power, among others.

“Last year at our Investor Day, we presented our strategic roadmap to becoming the leading provider of essential services for homes and businesses, informed by consumer trends and underpinned by disciplined execution,” said Mauricio Gutierrez, President and CEO of NRG. “The acquisition of Vivint is a transformational step in achieving our vision. Customers want simple, connected, and customized experiences that provide peace of mind. Vivint’s smart home technology strengthens our retail platform, improves our customer experience, and increases customer lifetime value. I am excited to welcome Vivint to the NRG family.”