ADT stock soars 65% after $450 million investment from Google
CNN/Stylemagazine.com Newswire | 8/3/2020, 2:33 p.m.
An ADT home security alarm sign is seen in front of a home on February 16, 2016 in Miami, Florida. It was announced that home security firm ADT was purchased by private equity firm Apollo Global Management for $6.9 billion./Credit: Joe Raedle/Getty Images
By Anneken Tappe
(CNN) -- Shares of home security business ADT rose sharply on Monday after the company announced a $450 million investment from Google.
ADT stock rallied some 65% after the opening bell in New York, after jumping in premarket trading. Google shares had inched higher in premarket but were modestly lower after regular trading began.
Google's investment bought a 6.6% stake in ADT to kick off a long-term partnership. The two companies plan to create smart home software and services using Google's Nest hardware and ADT's security expertise.
Both companies have also committed $150 million in the partnership to cover marketing, product development, technology and employee training.
