|By Associated Press | 4 months ago|
Google is pairing its Nest smart home technology with ADT and buying a stake in the home security company.
Google’s Nest hardware will be integrated at ADT, which does system installations and monitoring.
ADT plans to begin offering Google devices to its customers starting this year. Shares of the company, based in Boca Raton, Florida, spiked 85% before the opening bell Monday.
Google will invest $450 million in ADT in exchange for newly created Class B shares that come with no votes in company elections, appointments, or removal of directors. It’s stake amounts to about 6.6% of the company.
Both companies will commit an additional $150 million, subject to the achievement of certain milestones, to be used for co-marketing, product development, technology and employee training to advance the partnership.