ADT skyrockets 100% after announcing it will partner with Google on smart home security products
- ADT on Monday announced that it would partner with Google on a new line of smart home security products.
- Shares of ADT surged as much as 100%, to an all-time high of $17.21.
- ADT said Google would invest $450 million for a 6.6% ownership stake, securing a "mutual, long-term commitment to partnership."
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ADT surged as much as 100% on Monday, to an all-time high of $17.21 per share, after the company announced a partnership with Google to create smart home security offerings.
ADT said Google would invest $450 million for a 6.6% ownership stake in ADT, securing a "mutual, long-term commitment to partnership." Both companies will provide $150 million for marketing, product development, technology, and employee training.
ADT said the partnership would combine Google's Nest hardware and services and its technology with ADT's "installation, service and professional monitoring network," with a focus on residential and small-business security. It said it would offer both do-it-yourself options and professional installation.
ADT said it expected to offer customers certain Google devices this year and would expand the integration in 2021.
ADT has gained roughly 9% year-to-date through Friday's close.
