Thrive Holdings Agrees to Buy ADT for $10 a Share in $15.3 Billion Take-Private

ADT agreed on Thursday to be acquired by Thrive Holdings for $10.00 a share in cash, in a take-private that values its equity at about $7.6 billion.

The terms on the table

The offer price is $10.00 per share in cash.

The agreement values ADT at approximately $7.6 billion in equity value and $15.3 billion in enterprise value, a measure that includes debt.

ADT's board of directors unanimously approved the agreement.

The price is a premium of 45.6% to ADT's unaffected closing share price of $6.87 on Oct. 27, 2026.

It is also 52.1% above the 30-day volume-weighted average share price ending that day.

Against the Oct. 28 close of $7.41, the premium works out to roughly 35%.

That second frame matters because the stock had already moved on deal speculation before Thursday's announcement.

A month to find a better bid

A go-shop - a window to solicit rival bids after signing - runs for 30 days, until 11:59 p.m. New York City time on Nov. 28, 2026.

Certain parties that bid inside the first window can receive a potential 10-day extension.

ADT can terminate the agreement to accept a superior proposal, subject to the merger agreement's terms.

The companies were clear that a better offer may never arrive.

There can be no assurance that the solicitation process will result in a superior proposal.

Until the deal closes, ADT keeps operating independently.

After closing, ADT becomes privately held and its stock stops trading on the New York Stock Exchange.

Apollo is back, holding the loan book

Financing commitments for the transaction have been solely provided by funds managed by affiliates of Apollo Global Management.

The transaction is not subject to a financing condition.

That removes the most common reason deals of this size wobble between signing and closing.

Apollo's return is the deal's strangest feature.

Apollo Global Management took ADT private in 2016 and returned it to the New York Stock Exchange in 2018, then sold its last shares only in May of this year.

The 2018 listing priced at $14 a share, and Apollo sold its remaining stake in May 2026, when the stock traded near $7.

Less than six months after exiting the equity, Apollo funds are bankrolling the next owner's purchase.

What Thrive is buying

Thrive Holdings is the permanent-capital vehicle formed by Josh Kushner's Thrive Capital.

A permanent-capital holder owns businesses without a fund's fixed exit deadline.

Thrive Holdings is a permanent capital holding company set up by Thrive Capital, Kushner's investment firm.

Its portfolio spans more than 75 companies across accounting, IT services and the built environment.

In August, the vehicle raised over $2 billion at a $12 billion valuation.

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

ADT brings more than 150 years of security history and more than 12,000 employees.

Chief executive Jim DeVries said the deal "delivers an attractive cash premium to our stockholders."

In the second quarter, ADT posted revenue of $1.31 billion and $360 million in recurring monthly revenue from subscriptions.

That recurring base - households paying every month for monitoring - is the asset a patient owner can compound.

Shares stopped just short of the cash price

Shares of ADT Inc. (ADT) climbed more than 34% on Thursday to their highest level since December 2022.

The rally put the stock on course for its sharpest one-day advance since August 2020.

A separate intraday snapshot put the shares at $9.90, up 33.60% on the session.

At $9.90, the gap to the cash price is about $0.10 a share, roughly 1% - a TickerGrove calculation.

A gap that small says traders see few obstacles, though the go-shop and antitrust review still have to run.

What remains unknown

The announcement does not disclose termination fees or the size and structure of the Apollo financing.

The proxy statement, with the board's full reasoning and any fairness-opinion detail, has not been filed yet.

No rival bidder is known, and ADT does not plan to discuss the go-shop unless disclosure becomes appropriate or required.

Closing is expected in the first quarter of 2027, subject to stockholder approval and U.S. antitrust approval.

What to watch is the Nov. 28 go-shop deadline, the stockholder vote, and the antitrust review.

Before any of that, ADT reports third-quarter results on Nov. 3 and will not take questions on the deal call.