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Alarm.com Shares Surge After Company Confirms Benzinga Report About Comcast Deal

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Alarm.com Shares Surge After Company Confirms Benzinga Report About Comcast Deal
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Comcast Corporation (NASDAQ: CMCSA) and AlarmCom Hldg Inc (NASDAQ: ALRM) announced the two companies will be acquiring and splitting up Icontrol, an Internet of Things home security company.

Comcast is reportedly buying Icontrol’s Converge platform, which “powers the Xfinity Home touchscreen panel and back-end servers, allowing them to communicate with and manage security sensors in the home, as well as supporting home-automation devices like cameras and thermostat.”

Alarm.com will be taking over Icontrol’s enterprise home security business Connect and its camera and security system Piper.

Comcast’s stock showed very little reaction to the news, but Alarm.com’s stock surged more than 11 percent on Thursday.

The Benzinga News Desk first reported Alarm.com was in talks to acquire Icontrol in a joint bid with Comcast on Monday morning. The report was confirmed three days later, leading to the huge jump in Alarm.com’s share price.

Benzinga Pro provides subscribers access to real-time headlines and market-moving SEC filings, M&A rumors, breaking news, and exclusive stories like the Alarm.com/Comcast negotiations.

Disclosure: the author holds no position in the stocks mentioned.

Posted-In: News M&A Market-Moving Exclusives Exclusives Movers Tech Best of Benzinga

 

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