Generac, a residential and commercial generator company, has announced plans to purchase Ecobee for "up to" $770 million. Ecobee's equity holders will receive $200 million in cash and $450 million in Generac common stock (NYSE: GNRC) at the close. Generac will pay an additional $120 million in GNRC common stock if "certain performance targets" are met between the close date and June 30, 2023, according to the official press release.
Ecobee and Generac did not provide details regarding the performance targets, but did say they refer to "certain revenue and subscription targets to be achieved over the next two years."
Ecobee sells a limited offering of smart home products, including a home security camera, door/window sensors, temperature sensors and two smart thermostats -- most notably, the Editors' Choice Award-winning Ecobee SmartThermostat with Voice Control.
contributed to a along with Energy Impact Partners, Relay Ventures, and Thomvest. Amazon in September created through a partnership with Resideo, makers of the .
Wisconsin-based Generac is known for its range of generators, pressure washers, energy storage products and related accessories, for both commercial and residential use. The sale is expected to close by the end of this year.