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Investing.com — ADT soared 67% on Monday after Google (NASDAQ:GOOGL) said it is buying a 6.6% stake in the security firm for $450 million.
Shares are trading at an all-time high. But ADT rival Alarm (NASDAQ:ALRM).com fell 18% on the news.
The partnership will combine Google’s Nest with ADT’s installation, service, and monitoring network.
ADT is backed by controlling private-equity firm Apollo Global. ADT went public in 2018 at $14 a share. Shares have three buy ratings, three holds and no sells, according to analysts tracked by Investing.com. Earnings are due to be announced on Wednesday.
Each company will commit an additional $150 million for marketing, product development, technology, and employee training.
