Professional smart home space specialist Savant Systems has signed a definitive agreement to purchase GE Lighting, a division of GE (NYSE: GE).
The two companies say that the agreement will “create an industry leader” that combines Savant’s smart home technology and professional installation channels for the home with GE’s brand, lighting expertise and retailer channels.
For nearly 130 years, GE Lighting has been a prominent name in the world of lighting innovation, from incandescent bulbs to industry-first LED and smart solutions, along with the world’s first voice-embedded lighting product. The company will remain headquartered in Cleveland, Ohio, and its more than 700 employees will transfer to Savant upon completion of the transaction. Financial details of the deal have not been disclosed.
Savant, with a portfolio of award-winning products and solutions that span lighting, security, climate, whole-house entertainment and more, is one of the fastest-growing smart home companies. While the acquisition of GE Lighting will broaden the market reach of both companies, the Savant brand will remain committed to the professional installation channel for the home, and will continue to invest heavily in the development of the most advanced products, solutions and services for this market
The proposed transaction includes a long-term licensing agreement for use of the GE brand. The transaction is subject to customary closing conditions and is expected to close mid-2020.
Savant founder and CEO Robert Madonna said: “Savant’s mission from the start has been to create the number one smart home brand in the world, and I am confident that the acquisition of GE Lighting has moved us significantly toward that ultimate goal. We are committed to ensuring that GE Lighting’s long history of industry leadership continues, while bringing exceptional value and reliability to retail partners and consumers as the number one intelligent lighting company worldwide. Never before has connectivity, security, intelligent lighting and entertainment, all enjoyed within the comforts of home, been more top of mind with consumers.”
GE chair and CEO H. Lawrence Culp, Jr. added: “Today’s transaction is another important step in the transformation of GE into a more focused industrial company. Our GE Lighting colleagues will join a fast-growing leader in home automation that shares their passion for bringing the future to light. Together with Savant, GE Lighting will continue its legacy of innovation, while we at GE will continue to advance the infrastructure technologies that are core to our company and draw on the roots of our founder, Thomas Edison.”
