ADT confirms new investments from State Farm and Alphabet unit Google
Shares of ADT Inc. ADT, -0.41% climbed 15.7% in premarket trading Tuesday after the home-security company confirmed that it has secured about $1.65 billion in new investments from insurer State Farm and Alphabet Inc.'s GOOGL, -1.72% GOOG, -1.69% Google to boost product innovation, marketing and customers. The Wall Street Journal had earlier reported about the new investments by State Farm and Google. The investments include $1.2 billion by State Farm to buy about a 15% stake in ADT.
Separately, Google has agreed to commit an additional $150 million, subject to the achievement of certain milestones, to advance opportunities created by product innovation, which would raise Google's total commitment to $300 million."ADTs partnership with State Farm creates the capability to drive innovation in homeowners insurance on a broad scale.
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