NEW YORK, February 27, 2015 – On February 23, 2015, Monitronics International, Inc. (“Monitronics”), a wholly-owned subsidiary of Ascent Capital Group, Inc. (“Ascent”), acquired all of the outstanding membership interests of LiveWatch Security, LLC (“LiveWatch”) for a purchase price of approximately $67 million, including the expected payment of $6 million in retention bonuses to certain key employees on the second anniversary of closing. The purchase price was funded by borrowings under Monitronics’ existing revolving credit facility and cash on hand at Ascent. LiveWatch provides alarm monitoring services to a nationwide subscriber base with equipment installed by the subscriber.
In connection with the acquisition of LiveWatch, Monitronics entered into an amendment to its credit agreement in order to, among other things, increase revolving commitments by an aggregate principal amount of $90 million.
Monitronics is one of the nation’s largest, fastest-growing home security alarm monitoring companies.
Baker Botts served as legal counsel to Monitronics International, Inc.
Target: LiveWatch Security, LLC
Outside Counsel to Monitronics International, Inc.: Baker Botts L.L.P.
In-House Counsel to Monitronics International, Inc.: William Niles, Executive Vice President and General Counsel, Ascent Capital Group, Inc.
Other Party: LiveWatch Security, LLC
Outside Counsel to LiveWatch Security, LLC: Perkins Coie
Value: $67 million, including the expected payment of $6 million in retention bonuses
Baker Botts Lawyers/Office Involved: Corporate: Renee Wilm (Partner, New York), Brendan Dignan (Senior Associate, New York), Brittany Uthoff (Associate, New York), and Francesca Djerejian (Associate, New York),Tax: Tamar Stanley (Partner, Washington, DC), Scott Langley (Special Counsel, New York) and Peter Farrell (Associate, Washington, DC), Employee Benefits: Rob Fowler (Partner, Houston) and Stephanie Jeane (Associate, Houston), Intellectual Property: Chad Walters (Partner, Dallas), Suzi Hengl (Special Counsel, New York) and Brad Birchfield (Senior Associate, Dallas), Finance: Alison Boren (Partner, Dallas), Jon Finelli (Senior Associate, New York) and Peter Glenn (Associate, New York), Antitrust: Michael Bodosky (Special Counsel, Washington, DC)
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