Google to buy stake in ADT\, partner with it for home security products

Google to buy stake in ADT, partner with it for home security products

Google is pairing its Nest smart home technology with ADT and buying a stake in the home security company

Topics
Google | Smart homes

AP  |  Washington 

is pairing its Nest smart home technology with ADT and buying a stake in the home security company.

ADT plans to begin offering devices to its customers starting this year. Shares of the company, based in Boca Raton, Florida, spiked 60% before the opening bell Monday.

will invest $450 million in ADT in exchange for newly created Class B shares that come with no votes in company elections, appointments or removal of directors. It's stake amounts to about 6.6% of the company.

Both will commit an additional $150 million, subject to the achievement of certain milestones, to be used for co-marketing, product development, technology and employee training to advance the partnership.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, August 03 2020. 18:09 IST