ADT (NYSE: ADT)
announced Thursday it has closed a $1.2 billion equity investment by State Farm. The transaction, first announced Sept. 6, results in the insurance company owning approximately 15 percent of ADT.
In addition to the equity investment, State Farm committed up to $300 million to fund product and technology innovation, customer growth and marketing activities in connection with the partnership. State Farm has funded the first $100 million and the two companies will collaborate to approve initiatives utilizing the funds.