Dec 18 (Reuters) - Vivint Smart Home Inc has agreed to reduce its initial enterprise value to about $4.1 billion, in a deal to merge the U.S. home automation company with a firm funded by Japan's SoftBank Corp's unit.
In September, Blackstone Group backed Vivint had agreed to merge with Mosaic Acquisition Corp, formed by SoftBank unit Fortress Investment Group, to create a firm with an enterprise value of $5.6 billion.
Mosaic will take on the Vivint name after the deal closure.
In addition to the previously disclosed $125 million investment in Vivint, the amendment to agreement will also see Fortress Investment Group LLC investing up to $50 million in Vivint, the companies said in a joint statement on Wednesday.
Blackstone, along with other existing investors of Vivint will own about 55% percent of the company following the merger, the companies said. (Reporting by Maria Ponnezhath; Editing by Rashmi Aich)