Security company ADT enters solar installation business with Sunpro acquisition

Home and business security provider ADT Inc. announced today an agreement to acquire Sunpro Solar for $160 million in cash plus approximately 77.8 million shares of ADT common stock, implying a total enterprise value of approximately $825 million, subject to certain adjustments. ADT will rebrand Sunpro to ADT Solar and enter the rooftop solar business to offer ADT customers a protected, connected and now powered home.

“With its strong focus on the customer, Sunpro is the perfect partner for ADT and a logical extension of our ecosystem, unlocking an integrated home experience that includes security, automation and energy management,” said Jim DeVries, ADT president and CEO. “By combining a cash-flow-positive company in the high-growth solar space with ADT’s trusted brand, national footprint and cross-sell potential, we can expand offerings to our customers and accelerate growth for both ADT and ADT Solar.”

Sunpro founder Marc Jones and the Sunpro management team are expected to join ADT to help build ADT Solar into the U.S. rooftop solar industry leader.

“Becoming part of the ADT family will accelerate our ability to bring residential and commercial rooftop solar to more customers, helping them save money and also become more energy independent,” Marc Jones said. “With our shared mission to further advance smart home technologies and renewable energy solutions for customers, our expansion will make a meaningful difference in how our customers live daily.”

News item from ADT

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Original Source: https://www.solarpowerworldonline.com/2021/11/security-company-adt-acquires-sunpro-solar/