Home security firm ADT has entered into an agreement to acquire Sunpro Solar in a deal worth approximately $825 million. This cash-and-stock deal includes $160 million in cash in addition to roughly $77.8 million ADT common stock shares.
With this news, ADT plans to rebrand Sunpro to ADT Solar and enter the rooftop solar business.
“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,” shared Jim DeVries, President and CEO of ADT.
Sunpro is currently one of the leading providers of residential solar and battery storage services across the U.S.
“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,” revealed Marc Jones, Sunpro’s founder.
Sunpro is headquartered in Mandeville, Louisiana with locations in 21 other states.