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On October 29, 2026, ADT Inc. agreed to be acquired by Thrive Holdings in a take-private valued at roughly $15.3 billion of enterprise value. Thrive will pay $10.00 per share in cash, a 45.6% premium to ADT's unaffected closing price of $6.87 on October 27. ADT's board approved the agreement unanimously. Once the deal closes, ADT's stock will stop trading on the NYSE.
The Deal at a Glance
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Term
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Detail
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Target
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ADT Inc., a security, interactive, and smart home provider for U.S. residential and small business customers
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Buyer
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Thrive Holdings, a permanent capital holding company
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Enterprise value
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~$15.3 billion
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Equity value
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~$7.6 billion
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Price
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$10.00 per share in cash
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Premium
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45.6% to the Oct. 27 unaffected close; 52.1% to the 30-day VWAP ending Oct. 27
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Financing
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Commitments solely from funds managed by affiliates of Apollo Global Management; no financing condition
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Approvals
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ADT stockholder vote, U.S. antitrust clearance, customary conditions
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Expected close
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Q1 2027
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Who Is Buying, and Who Is Paying
Thrive Holdings is not a traditional fund with a ten-year clock. It describes itself as a permanent capital holding company, and it currently owns more than 75 businesses across accounting, IT services, and the built environment. After closing, ADT becomes the foundation of Thrive's smart home security business. Thrive says its engineering teams will work with ADT's employees on technology for products and customer support.
The money comes from a different place than the buyer's name suggests. Financing commitments come solely from funds managed by affiliates of Apollo Global Management, and the deal carries no financing condition. The roughly $7.7 billion gap between the $7.6 billion equity value and the $15.3 billion enterprise value tells you how much of this transaction sits in debt and existing obligations rather than new equity. A holdco buyer paired with a large credit provider is a structure worth tracking, because it puts a permanent capital owner and an institutional lender on the same side of the table.
A Go-Shop Keeps the Price Open
The agreement lets ADT and its financial advisors solicit competing proposals for 30 days, until November 28. Certain parties that submit proposals in that window may get a 10-day extension. ADT can terminate the agreement to accept a superior proposal, subject to its terms, and it does not plan to disclose go-shop developments unless required or appropriate. ADT is advised by Citi and Goldman Sachs & Co. LLC, with Cravath, Swaine & Moore LLP as legal counsel. Thrive is advised by Evercore and Kirkland & Ellis LLP.
Expect the next month to be quiet on the surface. Any topping bid would surface only if ADT decides to disclose it.
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