Google to buy 6.6% stake in ADT
ADT got a touch of Google’s halo effect Monday. Shares of the home security firm nearly doubled in early trading after it said it’s selling a 6.6% stake in itself to Google for $450 million. Each company agreed to commit an additional $150 million for co-marketing, product development, technology and employee training.
They’re aiming to create the next generation of smart home security offerings. ADT says the partnership will combine Google’s popular devices like Google Home Mini and Nest Thermostat with its own team of over 20,000 professionals offering installation, services, and monitoring.
ADT says it expects to offer some Google devices to its customers this year and expand the integration next year.
Shares of Google parent Alphabet dipped in early Monday trading.
