Google will buy 54.7 million newly created Class B shares of ADT for $8.22 each with no voting rights, the Boca Raton, Florida-based company said in a filing.
Alphabet Inc’s Google is buying a 6.6% stake in home security firm ADT Inc for $450 million in a deal that will allow it to provide service to customers of its Nest home security devices.
Shares of ADT nearly doubled to $17 in trading before the bell on Monday and were set to open above their IPO price of $14 for the first time since going public in 2018.
The companies will work to combine Google and Nest products with its installation, service and professional monitoring network, ADT said
The company will start linking popular devices like Google Home Mini, Nest Thermostat and Nest Wifi to its control center this year and other Google devices in 2021, ADT Chief Executive Officer Jim DeVries told Reuters.
Google will buy 54.7 million newly created Class B shares of ADT for $8.22 each with no voting rights, the Boca Raton, Florida-based company said in a filing.
ADT is backed by private-equity firm Apollo Global Management LLC, which owns 83.5% of the company, according to Refinitiv data.
Each company will commit an additional $150 million for co-marketing, product development, technology and employee training, ADT said.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Severity: Warning
Message: count(): Parameter must be an array or an object that implements Countable
Filename: amp/news_details_amp.php
Line Number: 252
Backtrace:
File: /home/smartmarketnews/public_html/application/views/amp/news_details_amp.php
Line: 252
Function: _error_handler
File: /home/smartmarketnews/public_html/application/controllers/Amp_controller.php
Line: 41
Function: view
File: /home/smartmarketnews/public_html/index.php
Line: 315
Function: require_once
Smarter Decisions with Smart News
Smart Market News is committed to getting its readers the latest updates and insights on industries that help in making “smarter” business decisions. With insights and inputs from corporate decision makers, we bring you the stories of adopting innovative solutions and strategies that have been changing the world. Our editorial insights on products, solutions, companies, and adoption of best practices not only help in understanding the markets better, but also prove to be a complete package for your information needs.
media@smartmarketnews.com | sales@smartmarketnews.com
Contact Us