Thrive Holdings taking ADT private in $15.3B deal
Illustration: Aïda Amer/Axios
Thrive Holdings has agreed to acquire ADT in an all-cash take-private, valuing the home security company at $15.3 billion in enterprise value, the companies announced today.
The intrigue: The deal is being financed by funds managed by Apollo affiliates — ADT's former owner that sold its remaining stake just five months ago.
Follow the money: The $10 per-share deal values ADT at about $7.6 billion in equity value. It's a nearly 46% premium over ADT's closing price on Oct. 27.
- Citi and Goldman Sachs advised ADT, while Evercore advised Thrive.
Zoom in: ADT sells security systems, cameras and smart-home technology to residential and small-business customers, generating recurring revenue through monthly monitoring subscriptions.
- Thrive Holdings is a permanent-capital investment vehicle formed by Josh Kushner's Thrive Capital last year.
Catch up quick: It's ADT's second take-private in a decade, after Apollo took it private in 2016 and brought it back to the NYSE in 2018.
What we're watching: There's a go-shop period through Nov. 28.
- The deal is set to close in 1Q27, subject to ADT stockholder and regulatory approvals.
