This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (September 12, 2017).
Blackstone GroupLP is preparing for an initial public offering or sale of smart-home technology company Vivint, in what’s shaping up to be a successful deal for the buyout giant.
Blackstone recently invited investment banks to pitch for a so-called dual-track process that could lead to an IPO or sale of Vivint, people familiar with the matter said. A deal could value Vivint at more than $3 billion, or $6 billion including debt, some of them said. The latter would be about three times what Blackstone paid for the company five years ago.
Vivint sells smart locks, security cameras, burglary-detection systems and other such items and services. Demand for connected homes, cars and other gadgets is rising as the functionality of hand-held devices…