OK, now Crestron and Control4 have to take Savant seriously, as they just signed a definitive agreement to purchase GE Lighting, a division of GE (NYSE: GE). Financial details of the transaction were not disclosed.
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 Chairman and CEO H. Lawrence Culp, Jr., said, “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.”
GE Lighting’s portfolio includes home lighting and smart home solutions. It will remain headquartered in Cleveland, and its more than 700 employees will transfer to Savant upon completion of the transaction.
Savant’s current products and solutions span lighting, security, climate and whole-house entertainment. Its lines include smart speakers and energy management. While the acquisition of GE Lighting will broaden both companies’ market reach, according to Savant, the company 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 the use of the GE brand. The deal is subject to customary closing conditions and is expected to close mid-2020.