REUTERS/Shannon Stapleton
- ADT on Monday announced that it will be partnering with Google on a new line of smart home security products.
- Shares of ADT surged as much as 97% in premarket trading Monday.
- Google will invest $450 million for a 6.6% ownership stake in ADT, securing a "mutual, long-term commitment to partnership," according to a press release.
- Watch ADT trade live on Markets Insider.
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Shares of ADT surged as much as 97% in premarket trading Monday after the company announced that it is partnering with Google to create smart home security offerings.
Google will invest $450 million for a 6.6% ownership stake in ADT, securing a "mutual, long-term commitment to partnership," according to a press release. Both companies will provide $150 million for co-marketing, product development, technology, and employee training.
The partnership will combine Nest hardware and services with Google technology and ADT's installation, service, and professional monitoring network, and is focused on residential and small business security. The products and services will be available for both do-it-yourself and professional installation.
ADT expects to offer customers certain Google devices this year, and will expand the integration in 2021, according to a statement.
ADT has surged roughly 9% year-to-date through Friday's close.
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