06:37 AM EDT, 04/15/2024 (MT Newswires) -- Resideo Technologies ( REZI ) said Monday it has agreed to acquire Snap One Holdings ( SNPO ) for $10.75 per share in cash, or about $1.4 billion, inclusive of net debt of about $460 million at closing.

The acquisition will integrate Snap One ( SNPO ) into Resideo's ( REZI ) ADI Global Distribution business. It is expected to close in H2 2024, the company said.

Resideo ( REZI ) said it expects to fund the transaction with committed debt financing, cash on hand, and a $500 million perpetual convertible preferred equity investment from Clayton, Dubilier & Rice LLC.

Snap One ( SNPO ) shares rose more than 29% in recent premarket activity on Monday, while Resideo ( REZI ) shares were inactive.