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Google to Buy 6.6% Stake in ADT in $450M Deal to Combine Nest Hardware With ADT Installation, Service, and Monitoring

Google to Buy 6.6% Stake in ADT in $450M Deal to Combine Nest Hardware With ADT Installation, Service, and Monitoring

ADT and Google on Monday announced a deal worth $450 million that will establish a long-term partnership between the companies that will give Google a 6.6% share of the company.

The deal is to combine Google Nest’s hardware with ADT’s installation, service, and monitoring. Google Nest customers will be offered both do-it-yourself and professionally installed security services.

“We’re excited to partner with ADT to further our mission of building helpful devices for the home,” said Rishi Chandra, GM and Vice President of Nest.

“We are thrilled to partner with Google to provide the smart home market with a strong, differentiated product and service offering that integrates the best technology, hardware, and smart home security expertise from our two brands,” said Jim DeVries, President and CEO of ADT.

Google’s purchase will include newly created shares of Class B common stock, granting them all the rights and preferences of ADT’s common stock. However, Google will not be granted the ability to vote on the election, appointment, or removal of directors. The deal is expected to close in the third quarter of 2020.

While ADT plans to offer Google devices to its customers later this year, the bulk of the integration will take place in 2021.

Both companies will put an additional $150 million toward co-marketing, product development, technology, and employee training.

(Via AppleInsider)

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