ADT has secured investments totaling $1.5 billion from State Farm and a partnership aimed at expanding the security company’s customer base and improving risk-mitigation for insured homeowners, the companies said.
Under the deal, which was reported earlier by The Wall Street Journal, State Farm will spend $1.2 billion to buy 133.3 million ADT shares, or about 15% of the company. That represents a share price of $9, above ADT’s Friday close of $7.21.
