Thrive Holdings Agrees to Take ADT Private in $15.3 Billion Deal
Thrive Holdings has reached a definitive agreement to acquire home security firm ADT in an all-cash take-private transaction valued at $15.3 billion, representing a ~46% premium.
US home security company ADT Inc. announced today that it has entered into a definitive agreement to be acquired by Thrive Holdings in an all-cash take-private transaction. The deal values ADT at approximately $15.3 billion in enterprise value and about $7.6 billion in equity value. The offer price of $10 per share represents a premium of nearly 46% over ADT's closing price on October 27.
The financing behind the deal adds a layer of intrigue: the acquisition will be funded by funds managed by affiliates of Apollo Global Management. Apollo was previously ADT's owner and sold its remaining stake in the company just five months ago. Thrive Holdings is a permanent-capital investment vehicle formed last year by Josh Kushner's Thrive Capital.
ADT sells security systems, cameras, and smart-home technology to residential and small-business customers, generating recurring revenue through monthly monitoring subscriptions. This marks ADT's second take-private in a decade; Apollo previously took the company private in 2016 before bringing it back to the NYSE in 2018.
The agreement includes a 'go-shop' period running through November 28. The transaction is expected to close in the first quarter of 2027, subject to ADT stockholder approval and regulatory clearances. Citi and Goldman Sachs advised ADT, while Evercore advised Thrive.