ADT to be acquired by Thrive Holdings in $15.3 billion deal

ADT Inc. (ADT) agreed on Oct. 29, 2026 to be acquired by Thrive Holdings, a permanent capital holding company, in an all-cash transaction valued at $15.3 billion in enterprise value.

The agreement values ADT at about $7.6 billion in equity value. ADT stockholders will receive $10.00 per share in cash upon completion.

The price represents a 45.6% premium to the unaffected closing share price of $6.87 on Oct. 27, 2026, and a 52.1% premium to the company's 30-day volume-weighted average share price ending that day. ADT's board unanimously approved the agreement.

The company said the transaction would combine its more than 150 years of security experience and nationwide service network with Thrive Holdings' long-term capital and engineering capabilities.

Thrive Holdings said its permanent ownership structure would give ADT greater flexibility to invest in its people and in new products and services.

"ADT is pleased to enter into this transaction, which recognizes the value built by our more than 12,000 employees and delivers an attractive cash premium to our stockholders," said Jim DeVries, Chairman, President and Chief Executive Officer of ADT.

The company's release said Thrive Holdings' permanent capital structure can support sustained investment in ADT's products, technologies and people over a long-term horizon.

"We intend to build on that foundation by strengthening ADT's technology and product capabilities, with the capital and patience to invest over decades," said Kareem Zaki, Partner at Thrive Holdings.

Thrive Holdings owns more than 75 businesses across accounting, IT services and the built environment, including Current in accounting and Shield in IT services.

Following the closing, ADT will form the foundation of Thrive Holdings' smart home security business.

ADT's data and privacy policies will remain unchanged, and no new data sharing will occur without customer permission.

Financing commitments have been solely provided by funds managed by affiliates of Apollo Global Management, Inc. The transaction is not subject to a financing condition.

The deal is expected to close in the first quarter of 2027, subject to customary closing conditions, including approval by ADT's stockholders and receipt of U.S. antitrust approval.

Under the merger agreement, ADT may solicit proposals from third parties for 30 days, until 11:59 p.m. New York City time on Nov. 28, 2026. A potential 10-day extension applies to certain parties that submit acquisition proposals during that period.

The company said it does not intend to disclose go-shop developments unless it determines disclosure is appropriate or otherwise required.

Until the transaction closes, ADT will continue to operate independently. Upon completion, it will become privately held, and its common stock will cease trading on the New York Stock Exchange.

ADT's third-quarter 2026 results are scheduled for Nov. 3, 2026, before market opening. The company will share a summary on a 10 a.m. ET conference call but will not take questions because of the transaction.

Citi and Goldman Sachs & Co. LLC are financial advisors to ADT, with Cravath, Swaine & Moore LLP as legal counsel. Evercore is exclusive financial advisor to Thrive Holdings, with Kirkland & Ellis LLP as legal counsel.