Boston-based smart home tech company Savant Systems has signed a definitive agreement to purchase GE Lighting, a division of GE. The terms of the agreement were not disclosed.
GE Lighting’s product portfolio includes both home lighting and smart home solutions. The division will remain headquartered in Cleveland, and more than 700 GE Lighting employees will transfer to Savant when the agreement is complete. The transaction includes a long-term licensing agreement for the GE Lighting brand.
“Savant’s mission from the start has been to create the No. 1 smart home brand in the world, and I am confident that the acquisition of GE Lighting has moved us significantly toward that ultimate goal,” says Robert Madonna, Savant’s founder and CEO. “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 No. 1 intelligent lighting company worldwide. Never before have connectivity, security, intelligent lighting, and entertainment, all enjoyed within the comforts of home, been more top of mind with consumers.”
According to Savant, the acquisition is set to broaden both companies’ market reach and create a “union” of trusted brands, combining GE Lighting’s expertise and legacy with Savant’s smart home solutions and commitment to innovations.
“Today’s transaction is another important step in the transformation of GE into a more focused industrial company,” says H. Lawrence Culp Jr., GE’s chairman and CEO. “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.”
The deal is expected to close in mid-2020.