Google to buy 6.6% stake in ADT in home security push
By Subrat Patnaik (Reuters) - 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.
By Subrat Patnaik
(Reuters) - Alphabet Inc's
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.
(Reporting by Subrat Patnaik in Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D'Silva)
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