ADT stock rises in premarket on sale of commercial unit to GTCR

ADT Inc.
ADT,
+1.87%
stock was up 3.3% in premarket trades on Tuesday after said it agreed to sell its commercial security, fire and life safety business unit to private equity firm GTCR for $1.6 billion. “The transaction supports ADT’s journey to be the premier provider of smart home and residential solar solutions by leveraging our strategic differentiators: innovative offerings, unrivaled safety and premium customer experiences,” ADT said. ADT plans to use proceeds of the deal to pay down debt. The transaction is expected to close in the fourth quarter.