"ADT's partnership with State Farm creates the capability to drive innovation in homeowners insurance on a broad scale. By delivering a truly connected home, together we can improve the customer experience and provide more peace of mind," Jim DeVries, ADT president and CEO, said in a release. (Credit: CHRIS RANK/Bloomberg)
In an effort better leverage smart home technology in its homeowners insurance lines, State Farm is making a $1.2 billion equity investment in ADT, Inc. in exchange for 133.3 billion shares of ADT (priced at $9 per share). The deal, which is expected to close in 2022's final quarter, will give State Farm approximately 15% ownership in ADT.
The multiline insurer reported the move will allow it to potentially lower policyholder costs, reduce claims and mitigate losses from water, fire and intrusion.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
