AMTD Digital issues 'thank you note' to investors as shares trade around 23,650% above IPO price

Shares of ADT Inc.
ADT,
-0.41%

shot up 13.7% in premarket trading on Tuesday, after that The Wall Street Journal reported that insurer State Farm has invested $1.5 billion in the home security provider and a partnership aimed at expanding ADT’s customer base. Under the terms of the investment, State Farm will pay $1.2 billion to purchase 133.3 million ADT shares. That represents about a 15 percent stake in the company, the WSJ report said, and a price for ADT shares of about $9 each, or about 25 percent above Friday’s closing price of $7.21. State Farm will also invest up to $300 million to fund product and technology innovation and for marketing and customer acquisition, and will get a seat on ADT’s board, the WSJ report said, citing people familiar with the matter. The WSJ report also said that Alphabet Inc
GOOGLE,
-1.72%

Google previously spent $450 million on a 6.6 percent stake in ADT and committed $150 million to engineering, designing and marketing new products. ADT shares have lost 14.3% year-to-date through Friday, while the S&P 500
SPX,
-1.07%

has fallen by 17.7%.

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