Google Invests $450 million to acquire 6.6% ownership of ADT

ADT NYSE is a leading provider of security, automation, and smart home solutions.

The partnership will combine Nest’s award-winning hardware and services, powered by Google’s machine learning technology, with ADT’s installation, service, and professional monitoring network to create a more helpful smart home and integrated experience for customers across the United States. Google will make a $450 million investment in ADT in exchange for shares of a newly created Class B common stock having all of the rights and preferences of ADT’s common stock except for the right to vote on the election, appointment, or removal of directors. Source Investor Relations ADT

Alphabet Inc. (GOOG) will make a $450 million investment in ADT in exchange for shares of a newly created Class B common stock having all of the rights and preferences of ADT’s common stock except for the right to vote on the election, appointment or removal of directors. Source Investor Relations ADT

Jim DeVries, President and Chief Executive Officer-Jim DeVries was promoted to CEO and President in December 2018 after leading many of ADT’s operational and strategic improvements. Jim had served as President since September 2017 and had joined ADT as Chief Operating Officer in May 2016. Prior to joining ADT, Jim held senior leadership roles at leading companies in the insurance, financial services, and telecommunications industries, including most recently as Executive Vice President for Allstate Brand Operations.

Google Invests $450 million to acquire 6.6% ownership of ADT

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Thanks to Morning Brew for sharing their work on Unsplash.

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