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."
• Watch ADT trade live on Markets Insider.
• Read more on Business Insider.

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.

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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.

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