BOCA RATON, Fla., Sept. 17, 2020 (GLOBE NEWSWIRE) -- ADT Inc. (NYSE: ADT), a leading provider of security, automation, and smart home solutions serving consumer and business customers in the United States, today announced that, upon the terms and subject to the conditions set forth in the previously disclosed Securities Purchase Agreement, dated as of July 31, 2020, with Google LLC (“Google”), the Company issued and sold in a private placement to Google 54,744,525 shares of Class B common stock, par value $0.01 per share, of the Company for an aggregate purchase price of $450 million (the “Private Placement”). The shares of Class B common stock issued to Google represent approximately 6.6% of the issued and outstanding common stock of the Company on an as-converted basis. The Company expects to use the net proceeds from the Private Placement for further growth initiatives and to reduce debt over time.

About ADT

ADT is a leading provider of security, automation, and smart home solutions serving consumer and business customers through more than 300 locations, 9 owned and operated monitoring centers, and the largest network of security professionals in the United States. The company offers many ways to help protect customers by delivering lifestyle-driven solutions via professionally installed, do-it-yourself, mobile, and digital-based offerings for residential, small business, and larger commercial customers. For more information, please visit www.adt.com or follow us on Twitter, LinkedIn, Facebook, and Instagram.