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BREAKING: ADT to Be Acquired by Thrive Holdings in $15.3B Enterprise Value Deal; Apollo Affiliates Provide Financing Commitments

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ADT Inc. has agreed to be acquired by investment firm Thrive Holdings in an all-cash take-private transaction valuing the company at an enterprise value of $15.3 billion, ADT said today. Under the terms of the agreement, stockholders will receive $10.00 per share in cash, representing an equity value of about $7.6 billion and a 45.6% premium to the company's unaffected closing share price on Oct. 27.
Financing commitments for the transaction have been solely provided by funds managed by affiliates of Apollo Global Management. The buyout is not subject to a financing condition.

The transaction will combine ADT's nationwide service network with Thrive's permanent capital base and engineering capabilities to form the foundation of Thrive's smart home security business. The transaction is expected to close in the first quarter of 2027, at which point ADT will become a privately held company.

Under the terms of the agreement, ADT may solicit competing acquisition proposals from third parties during a 30-day go-shop period running until Nov. 28 at 11:59 p.m. ET, with a potential 10-day extension for certain qualifying bidders. ADT maintains the right to terminate the merger agreement to enter into a superior proposal, subject to the terms of the agreement.

Closing remains subject to customary conditions, including the receipt of U.S. antitrust clearance and approval by ADT stockholders. The transaction has been unanimously approved by ADT's board of directors.

Citi and Goldman Sachs are serving as financial advisors to ADT, with Cravath Swaine & Moore serving as legal counsel and Edelman Smithfield as strategic communications advisor. Evercore is serving as exclusive financial advisor to Thrive Holdings, with Kirkland & Ellis serving as legal counsel.

The preceding intel was written with the assistance of AI.

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