MOUNTAIN VIEW (CBS SF / 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.READ MORE: Lawsuit Alleges Low-Income Homeowners Were Manipulated Into Getting PACE Green-Energy Loans
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.READ MORE: COVID: Bay Area Expert Says Michigan's Surge From UK Variant Not Likely In California
Both companies have also committed $150 million in the partnership to cover marketing, product development, technology and employee training.MORE NEWS: UPDATE: 2 Dead, 7 Injured, 1 Arrest In Suspected DUI Crash In Pittsburg
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