The Blackstone Group said Wednesday that it has agreed to pay more than $2 billion to acquire a controlling stake in Utah-based home security and automation provider Vivint Inc.

Terms of the transaction, which comes on the heels of a competitive sales process, call for Blackstone to purchase a majority interest in Vivint from the privately held company’s existing shareholders, a group that includes Goldman Sachs, Jupiter Partners, and Peterson Partners. As part of the deal, the private equity firm is also acquiring two affiliated entities: residential solar power provider Vivint Solar and 2GIG, which designs and manufactures residential security and automation equipment.