On June 14, 2024, we acquired 100% of the issued and outstanding equity of Snap One for an aggregate purchase price of $1.4 billion. This acquisition aligns with our strategic objective to expand our distribution network, market presence, and product portfolio within the smart home and audio-visual sectors enhancing our competitive positioning in the industry. The business is included within the ADI Global Distribution segment.

The following table presents the preliminary purchase price allocation at estimated fair values as of the date of acquisition:


(in millions)
Assets acquired:
Cash and cash equivalents	$	47
Accounts receivable	49
Inventories	250
Other current assets	32
Property, plant and equipment	63
Goodwill (1)	393
Intangible assets	770
Other assets	69
Total assets acquired	1,673
Liabilities assumed:
Accounts payable	48
Accrued liabilities	73
Other liabilities	147
Total liabilities assumed	268
Net assets acquired	$	1,405

The Company expensed approximately $34 million of costs related to the acquisition of Snap One during the six months ended June 29, 2024. These costs are included in selling, general and administrative expenses in the accompanying Consolidated Statements of Operations and consist primarily of advisory, insurance and legal fees. The Company assumed $21 million of seller success fees, which were paid upon the closing of the acquisition.

Snap One’s contribution in the period post-acquisition to net revenue and operating income was not material. On a pro forma basis assuming the acquisition occurred at the beginning of the reported period, Resideo’s net revenue for the three and six months ended June 29, 2024 would have been $1,804 million and $3,536 million, respectively. The pro forma operating income would not have been materially different than the amounts reported for both periods.