Thrive Holdings to acquire ADT in $15.3 billion all-cash deal

ADT Inc. and Thrive Holdings, a permanent capital holding company that invests in established businesses, signed a definitive agreement under which Thrive Holdings will acquire ADT in an all-cash transaction. The deal values ADT at about $7.6 billion in equity value and $15.3 billion in enterprise value. ADT stockholders will receive $10.00 per share, a 45.6% premium to the unaffected closing price on October 27, 2026.

ADT's board unanimously approved the agreement. Financing commitments were provided solely by funds managed by affiliates of Apollo Global Management. The deal is expected to close in the first quarter of 2027, subject to ADT stockholder approval and U.S. antitrust clearance. A 30-day go-shop period runs until November 28, 2026. After closing, ADT will become privately held and its stock will stop trading on the NYSE.

ADT CEO Jim DeVries said the deal recognizes the value built by the company's more than 12,000 employees. Thrive Holdings said its long-term capital and engineering capabilities will support ADT's technology and product investment. Citi and Goldman Sachs are financial advisers to ADT, with Cravath, Swaine & Moore as legal counsel. Evercore is exclusive financial adviser to Thrive Holdings, with Kirkland & Ellis as legal counsel.