Posted November 19 , 2021
ADT on Tuesday announced it has entered into an agreement to acquire residential solar panel installation firm Sunpro Solar for $160 million in cash and approximately 77.8 million shares of ADT common stock, for a total enterprise value of $825 million.
Founded in 2008, Sunpro designs, sells, installs and maintains solar power systems on residential and commercial properties throughout the U.S. The company employs 3,600 peoples and has 56 locations spread across 22 states. In a statement, ADT said Sunpro would be rebranded as “ADT Solar” and operate as a wholly owned subsidiary of the company. Sunpro’s management team, including founder Marc Jones, will join ADT as part of the deal.
In an earnings call with the company’s investors on Tuesday, ADT President and CEO Jim DeVries explained that the acquisition of Sunpro, combined with their partnership with Google, which acquired a 6.6% stake in the company last year, marks ADT’s evolution from strictly a home security services provider to a “lifestyle and consumer technology brand.”
“Our Google partnership, along with our new solar footprint, provides us with a much larger presence in the home automation and energy management markets and are strategic steps for broadening ADT’s total addressable market,” DeVries said during the call. “These are fast-growing segments with tech-forward, as well as eco-friendly aspects that appeal to a broad range of customers. We’re in the middle of an exciting transformation.”