Vivint Smart Home Arena parent company merges with holding firm

Sep 16, 2019, 5:55 PM
Follow @SimoneSeikaly...

SALT LAKE CITY — Utah-born Vivint Smart Home is merging with Softbank, a multinational holding firm out of Japan.

The change is expected to generate $700 million in new capital for the company. However, Vivint Founder and CEO Todd Pederson says the change in ownership won’t much affect the day-to-day activities of current employees.

“We’ve done this a long time,” Pederson told KSL NewsRadio. “We have a lot of employees and 1.5 million customers. And the entire management team is staying.

“So I would hope that from a cultural perspective, and opportunity perspective, nothing will change.”

Pederson says most of the $700 million in new capital will be used to pay down the company’s existing debt as well as free up resources to allow the company to evolve.

But that evolution doesn’t include leaving the state of Utah.

“We love being part of Utah, part of what’s going on here,” Pederson said. “It’s a great state to work in. We have an incredible employee base. And [there are] lots of great companies here.

We’re here to stay.”

If you’ve lived in Utah long enough, you know that the building named after Vivint (the Vivint Smart Home Arena) and home to the Utah Jazz has had several other names.  It was the Delta Center from the time it opened in 1991 through 2006.

Then it was Energy Solutions Arena, from 2006 to 2015. Then it became Vivint Smart Home Arena. And Pederson says, that’s not going to change, either.

“It’ll remain the Vivint Smart Home Arena.”


Today’s Top Stories

Business + Economy

making way for The Point, a guard tower is knocked down as part of the old state prison's demolitio...
Aimee Cobabe

As the old state prison goes down, development of The Point begins

The Point will take about two decades for developers to finish, but leaders in the project are optimistic that the planned community will be worth the wait.
2 days ago
Former Governor of Utah, Gary Herbert speaks at the start of demolition at the old Utah State Priso...
Aimee Cobabe

Demolition begins at the old Utah State Prison in Draper

It took years to get the Utah State Prison to this point. Now, the site will be repurposed and built into a so-called "15-minute community."
3 days ago
The American Red Cross of Utah urges Utahns to consider their organization on Giving Tuesday....
Simone Seikaly

American Red Cross urges gift of time for ‘Giving Tuesday’

Giving Tuesday emphasizes a day for charitable actions after several days (Black Friday, etc.) focused on spending and buying.
4 days ago
People wait in line to enter Macy's department store during Black Friday in New York City on Novemb...
Jordan Valinsky, CNN Business

Online Black Friday sales set a new record

Online shopping is expected to remain strong through Cyber Monday.
4 days ago
Shoppers walk through City Creek Center in Salt Lake City on Wednesday, Dec. 8, 2021. The Better Bu...
Mark Jones

Making the most of Black Friday, Better Business Bureau has tips

The Better Business Bureau offers tips to those shoppers who plan to shop in person on Black Friday.
9 days ago
sundance mountain resort will open a week early...
Kira Hoffelmeyer

Sundance Mountain Resort to open seven days early

SUNDANCE, Utah — Sundance Mountain Resort is opening one week ahead of schedule. The resort announced via email this morning that it expects to open on Dec. 3 because of all the snow it’s gotten, instead of its planned Dec. 9 opening. Sundance says it’s the earliest opening day they’ve had in a decade.  “We […]
9 days ago

Sponsored Articles

Spicy Homemade Loaded Taters Tots...

5 game day snacks for the whole family (with recipes!)

Try these game day snacks to make watching football at home with your family feel like a special occasion. 
Happy joyful smiling casual satisfied woman learning and communicates in sign language online using...

The best tools for Deaf and hard-of-hearing workplace success

Here are some of the best resources to make your workplace work better for Deaf and hard-of-hearing employees.
Team supporters celebrating at a tailgate party...

8 Delicious Tailgate Foods That Require Zero Prep Work

In a hurry? These 8 tailgate foods take zero prep work, so you can fuel up and get back to what matters most: getting hyped for your favorite
christmas decorations candles in glass jars with fir on a old wooden table...
Western Nut Company

12 Mason Jar Gift Ideas for the 12 Days of Christmas [with recipes!]

There are so many clever mason jar gift ideas to give something thoughtful to your neighbors or friends. Read our 12 ideas to make your own!
wide shot of Bear Lake with a person on a stand up paddle board...

Pack your bags! Extended stays at Bear Lake await you

Work from here! Read our tips to prepare for your extended stay, whether at Bear Lake or somewhere else nearby.
young boy with hearing aid...

Accommodations for students who are deaf and hard of hearing

These different types of accommodations for students who are deaf and hard of hearing can help them succeed in school.
Vivint Smart Home Arena parent company merges with holding firm