ADT and Thrive Holdings have agreed an ADT Thrive deal that will take the home security company private in an all-cash transaction. Under the definitive agreement announced on October 29, 2026, ADT stockholders will receive $10.00 per share in cash when the transaction closes. The agreement values ADT at approximately $7.6 billion in equity value and $15.3 billion in enterprise value, including debt.
The $10.00 price represents a 45.6 percent premium to ADT’s unaffected closing share price of $6.87 on October 27, 2026, and a 52.1 percent premium to its 30-day volume-weighted average share price ending on that date. ADT’s board of directors approved the agreement unanimously. Shares of ADT rose about 34 percent on October 29, to their highest level since December 2022.
Thrive Holdings, the buyer in the ADT Thrive deal, is a permanent capital holding company focused on investing in established businesses and advancing their capabilities through technology. The company said its structure lets it own and operate businesses over a long-term horizon, rather than buying and selling on a fixed fund timetable. More than 75 businesses across accounting, IT services and the built environment are already part of Thrive Holdings. After closing, ADT will form the foundation of its smart home security business.
ADT Thrive deal terms and financing
Financing commitments for the ADT Thrive deal have been provided solely by funds managed by affiliates of Apollo Global Management. The agreement has no financing condition, which removes one common source of uncertainty in a buyout. Apollo took ADT private in 2016, relisted it in 2018 at $14 per share, and sold its remaining shares in May 2026, when the stock traded near $7.
The transaction is expected to close in the first quarter of 2027, subject to customary closing conditions. Those conditions include approval by ADT’s stockholders and receipt of United States antitrust approval. Until the transaction closes, ADT will continue to operate independently. After completion, ADT will become privately held, and its common stock will stop trading on the New York Stock Exchange.
ADT may also solicit proposals from third parties for 30 days, until 11:59 p.m. New York City time on November 28, 2026, with a possible 10-day extension for certain parties that submit proposals during that period. ADT said there is no assurance the process will result in a superior proposal. It may terminate the agreement to accept one, subject to its terms.
ADT Thrive deal plans for customers
ADT, the target in the ADT Thrive deal, provides security, interactive and smart home solutions to residential and small business customers in the United States. The company has more than 12,000 employees and describes its network of smart home security professionals as the largest in the country. Thrive Holdings said its engineering teams will work alongside ADT’s professionals to identify ways technology can improve products and services and help teams support customers more effectively.
Thrive Holdings will uphold ADT’s commitment to protecting customer data, and ADT’s data protection and privacy policies will remain unchanged. No new data sharing will occur without customer permission, according to the announcement. Anuj Mehndiratta, a partner at Thrive Holdings, said the company is committed to high standards of privacy and cybersecurity for customer data.
Jim DeVries, ADT’s chairman, president and chief executive, said the deal recognizes the value built by more than 12,000 employees and delivers an attractive cash premium to stockholders. Kareem Zaki, a partner at Thrive Holdings, said the firm intends to strengthen ADT’s technology and product capabilities, with capital to invest over decades.
ADT Thrive deal advisers and next steps
In the ADT Thrive deal, Citi and Goldman Sachs are serving as financial advisers to ADT, with Cravath, Swaine and Moore as legal counsel and Edelman Smithfield as strategic communications adviser. Evercore is serving as exclusive financial adviser to Thrive Holdings, with Kirkland and Ellis as legal counsel. Those advisers will now work on the shareholder vote, regulatory filings and the go-shop process that runs through late November.
ADT confirmed third quarter 2026 results will be issued on November 3, 2026, before the market opens, with a summary on a 10 a.m. Eastern Time call. It will not take questions on that call.
Thrive Holdings was set up by Thrive Capital, the firm founded by Joshua Kushner. In the ADT Thrive deal, the next test is whether shareholders approve the $10.00 price, and whether a rival bidder emerges before the go-shop period ends on November 28.