Home / Business / UPDATE: ADT shares rise 52% ahead of corporate news market entry with Google to develop a smart home security product

UPDATE: ADT shares rise 52% ahead of corporate news market entry with Google to develop a smart home security product



Shares in private and commercial security provider ADT Inc. ADT,
-0.46%
rose 52% on Monday in premarket trading after the company announced a new company with Alphabet Inc. from Alphabet Inc.
-3.27%
Aco,
-3.1

6%
Google is creating the next generation of smart home security offerings. The partnership will build on Google Nest hardware and services combined with ADT’s installation, service and professional monitoring network. Google will invest $ 450 million to acquire a 6.6% stake in newly created Class B common shares of ADT. This deal is expected to close in the third quarter. Both companies provide $ 150 million for co-marketing, product development, technology, and employee training. ADT has more than 20,000 employees who will work with Google’s suite of home hardware, manufacturing technology and vertical technology stack, the companies said in a joint statement. ADT expects to offer Google devices this year and expand integration in 2021. A conference call to discuss the partnership will take place at 8:30 a.m.CET. ADT shares gained 8.6% in the year to Friday, while the S&P 500 SPX,
+ 0.76%
gained 1.3%.


Source link