Alphabet Inc’s Google is buying a 6.6% stake in home security firm ADT Inc for $450 million in a deal that will allow it to provide service to customers of its Nest home security devices.
ADT said on Monday the companies will work to combine Nest products like cameras, thermostats, doorbells and alarm systems with ADT’s installation, service and professional monitoring network.
ADT expects to offer certain Google devices to its customers beginning this year and to expand the integration in 2021.
Google will receive ADT shares of a newly created Class B common stock that will not have right to vote.
Each company will commit an additional $150 million, to be used for co-marketing, product development, technology and employee training, ADT added.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor
Comments
0 comment