Google parent takes up stake in ADT in $450m deal
Adt Corp
$0.00
01:16 02/09/16
Google parent company Alphabet will take up a 6.6% stake in home security outfit ADT as part of a $450m deal.
ALPHABET-A
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13:09 19/04/24
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12:15 19/04/24
ADT said on Monday that Alphabet will look to integrate its Nest products, such as cameras, thermostats, doorbells and alarm systems, with the security firm's installation, service and professional monitoring network.
Google will offer certain devices to ADT customers beginning in 2020 before looking to expand the integration in 2021.
Both firms will commit a further $150m for co-marketing, product development, technology and employee training.
As of 1500 BST, ADT shares had surged 80.95% to $15.58 each, while Alphabet shares were up 0.19% at $1,490.79 each.