Google LLC and electronic security company ADT Inc. announced on Monday the start of cooperation on a joint project that would provide "the next generation of smart home security offerings" in the United States.

Google "Nest's award-winning hardware and services" would be paired with "ADT's installation, service and professional monitoring network" in order to "innovate the residential and small business security industry," the companies said in a statement.

The Californian tech giant will make a $450 million equity investment and end up owning a 6.6% stake in ADT under the deal, which is expected to be finalized in the third fiscal quarter. Each company will invest an additional $150 million to advance the partnership.