Google Invests $450M In ADT For Smart Home Partnership
By Elise Hansen (August 3, 2020, 8:18 PM EDT) -- Google will pay $450 million to acquire a 6.6% stake in Paul Weiss-steered home security company ADT as the two join forces on smart home security, ADT said Monday.
Florida-based ADT Inc. said Google will invest $450 million in ADT in exchange for shares of newly created Class B common stock, giving the technology giant a 6.6% stake in ADT's outstanding common stock, the announcement said. The companies hope to pair Google's smart home hardware, Nest, with ADT's installation and monitoring network, the announcement said.
The companies will also commit $150 million each to the partnership, subject to certain milestone achievements,...
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