Security company ADT enters solar installation business with Sunpro acquisition
ADT Inc., a provider of home and business security, today announced an agreement to acquire Sunpro Solar for $160 million in cash plus approximately 77.8 million shares of common stock of ADT, generating a total enterprise value of approximately $825. million, subject to certain adjustments. ADT will rename Sunpro to ADT Solar and the rooftops of solar companies to provide ADT customers with a protected, connected and now powered home.
“With its strong customer focus, Sunpro is the perfect partner for ADT and a logical extension of our ecosystem, unlocking an integrated home experience with security, automation and power management,” said Jim DeVries, president and CEO of ADT. “Combining a cash-flow positive business in the high-growth solar industry with ADT’s trusted brand, national footprint and cross-sell potential will allow us to expand the offerings to our customers and accelerate growth for both ADT and ADT Solar.”
Sunpro founder Marc Jones and Sunpro’s management team are expected to join ADT to help build ADT Solar as the US leader in rooftop solar.
“Being part of the ADT family will enable us to bring residential and commercial rooftop solar to more customers faster, saving them money and also making them more energy independent,” said Marc Jones. “With our shared mission to further develop smart home technologies and sustainable energy solutions for customers, our expansion will make a significant difference in how our customers live daily.”
News item from ADT