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: COVID: Outbreak at 3 Contra Costa Jails Sickens Nearly 100 Inmates and Staff
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: Sonoma County Fairgoers Unsure Whether To Mask Up Under Changing CDC Rules
Both companies have also committed $150 million in the partnership to cover marketing, product development, technology and employee training.MORE NEWS: San Francisco Real Estate: Long-Time Tenants Get $475,000 Buyout To Move Out Of Apartment
© Copyright 2020 CNN. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.