Joshua Kushner’s Thrive Capital in Talks to Take ADT Private, Running Dual-Track Process With $9.65B Total Private Credit Financing on Table 

Thrive Capital, led by Joshua Kushner, is in discussions to delist the New York Stock Exchange-traded home security company ADT, with Evercore advising on the sell side, according to sources.

The New York-based investment firm is in the process of raising a multibillion-dollar financing to back the acquisition and is running a dual-track process, with both bank and private credit options on the table, the sources said.

The prospective buyer is looking to extend the financing with a change-of-control waiver with existing bank lenders, including Barclays and Deutsche Bank, and add incremental debt, the sources said.
Should ADT’s deal go the private credit route, the buyer is looking at potentially raising a $6.25 billion term loan, $2.7 billion delayed-draw term loan and $700 million revolver, according to sources. The total financing package would amount to $9.65 billion and mark the largest private credit loan ever.

ADT generated $670 million in adjusted EBITDA from continuing operations in the second quarter of 2026, according to filings. It had approximately $7.7 billion in total debt outstanding as of June 30, according to its latest quarterly filing.

ADT’s $1.43 billion SOFR+175 bps term loan B-2 due 2032 was last indicated today, Oct. 27, at 97.8/98.1, according to Solve. The loan was arranged by Deutsche Bank, with Barclays as administrative agent. The company’s bank debt also includes a $1.75 billion SOFR+200 bps term loan B due 2030, which Barclays arranged in 2023 while Deutsche Bank led its December 2024 repricing. The company also has an undrawn $800 million revolver due 2029, led by Barclays, and a separate $520 million term loan A due 2030, arranged by Citizens, Fifth Third and PNC.

The company, which is listed on the New York Stock Exchange under the ticker ADT, has a market capitalization of approximately $5 billion. ADT’s shares closed at $6.87 on Oct. 27, up roughly 11% over the past month.
The discussions on a potential acquisition are ongoing, and there is no guarantee that a deal will be reached, sources cautioned.

ADT reported $1.3 billion in revenue for the second quarter of 2026, representing a 2% increase from the prior-year period. Recurring monthly revenue stood at $360 million at quarter-end, while adjusted free cash flow, including interest rate swaps, increased 48% year over year to $406 million. For full-year 2025, ADT generated $5.1 billion in revenue, up 5% from the previous year. The company also announced a $1.5 billion share repurchase authorization in March 2026.

As of Dec. 31, 2025, the company had approximately 6.1 million security monitoring service subscribers, according to the 2025 annual report. As of Dec. 31, 2025, it employed approximately 12,200 people, according to the 2025 annual report.

The potential transaction comes months after Apollo Global Management exited its remaining equity stake in ADT. In May, Apollo sold shares through a secondary public offering, alongside a concurrent share repurchase by ADT. The company subsequently said that Apollo no longer held shares following the transaction.

ADT has also been expanding its smart home technology products. In February 2026, the company acquired Origin Wireless Inc., a provider of AI-enabled presence detection and ambient sensing technology, for approximately $170 million in cash, according to its annual filing.

The company has a partnership with Google focused on smart home technology and previously received a $1.2 billion equity investment from auto and home insurer State Farm in 2022. Evercore previously advised ADT alongside Citi on State Farm’s equity investment.

Thrive Capital, founded by Kushner in 2009, has traditionally focused on venture capital and growth equity investments, including in OpenAI, SpaceX and Stripe.

The potential ADT acquisition would represent a significant take-private transaction for the investment firm, whose investment strategy has historically centered on growth equity and technology rather than traditional leveraged buyouts.

Moody’s Ratings affirmed ADT’s Ba3 corporate family rating and positive outlook in September, citing the company’s leading position in the U.S. residential security market, recurring revenue base and strong cash flow generation. The ratings agency also flagged elevated customer attrition, high subscriber acquisition costs and the capital-intensive nature of the business as credit constraints.

Boca Raton, Fla.-based ADT provides security, interactive and smart home solutions to residential and small business customers across the United States. The company, which was founded in 1974 originally as the American District Telegraph company, offers professional monitoring services, security systems and connected home technologies.

Comparable companies to ADT can be seen on Octus HERE.

Thrive Capital, Evercore and ADT did not respond to requests for comment.

ADT’s capital structure is shown below: