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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Alphabet Inc.    GOOGL

ALPHABET INC.

(GOOGL)
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Real-time Estimate Quote. Real-time Estimate Cboe BZX - 10/01 08:32:43 am
1487.955 USD   +1.53%
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Google to buy stake in ADT in home security push for $450 million

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08/03/2020 | 12:02pm EDT
FILE PHOTO: A 3D printed Google logo is seen in this illustration taken

Alphabet Inc's Google is picking up a 6.6% stake in ADT Inc for $450 million (344.48 million pounds), betting on the home security company's strong customer base and an army of technicians to drive sales of its Nest devices.

ADT shares nearly doubled to hit a high of $17.2 and traded well above their IPO price of $14 for the first time since going public in 2018, briefly valuing the company at about $13 billion.

The investment gives ADT the backing of a high-profile technology partner and broadens its services business. In return, Google gets access to about 6.5 million customers, strengthening its presence as it competes with Amazon.com's Ring and Boston-based SimpliSafe, among others.

ADT said on Monday that the two companies would work on ways to package popular Google products like Home Mini, Nest Thermostat and Nest Wifi with ADT's strength in installation and maintenance.

"Later this year, we will begin integrating Google devices and make them available for installations to our customers," ADT Chief Executive Officer Jim DeVries told Reuters.

"We will exclusively support Nest products," DeVries said, adding that the companies will build products together and start rolling them out next year.

The companies will commit an additional $150 million each for co-marketing, product development, technology and employee training, ADT said.

Google will buy 54.7 million newly created Class B shares of ADT for $8.22 each with no voting rights, the Boca Raton, Florida-based company said in a filing.

Founded in 1874, ADT is backed by private-equity firm Apollo Global Management LLC, which owns 83.5% of the company, according to Refinitiv data. Apollo had taken ADT private in a nearly $7 billion deal in 2016.

(Reporting by Subrat Patnaik in Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D'Silva)

By Subrat Patnaik

Stocks mentioned in the article
ChangeLast1st jan.
ADT INC. -2.27% 8.17 Delayed Quote.3.03%
ALPHABET INC. -0.03% 1465.6 Delayed Quote.9.42%
AMAZON.COM, INC. 0.12% 3148.73 Delayed Quote.70.40%
APOLLO GLOBAL MANAGEMENT, INC. -1.32% 44.75 Delayed Quote.-6.20%
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Financials (USD)
Sales 2020 173 B - -
Net income 2020 30 847 M - -
Net cash 2020 120 B - -
P/E ratio 2020 32,9x
Yield 2020 -
Capitalization 1 021 B 1 021 B -
EV / Sales 2020 5,20x
EV / Sales 2021 4,25x
Nbr of Employees 127 498
Free-Float 90,2%
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Technical analysis trends ALPHABET INC.
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 45
Average target price 1 747,17 $
Last Close Price 1 465,60 $
Spread / Highest target 35,8%
Spread / Average Target 19,2%
Spread / Lowest Target -15,6%
EPS Revisions
Managers
NameTitle
Sundar Pichai Chief Executive Officer & Director
John LeRoy Hennessy Chairman
Ruth M. Porat Chief Financial Officer & Senior Vice President
Lawrence E. Page Director
Sergey Mikhaylovich Brin Director
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