ADT agrees to $15.3 billion takeover by Thrive Holdings at $10 a share

ADT agreed Thursday to be acquired by Thrive Holdings in an all-cash deal that values the security and smart home company at about $15.3 billion in enterprise value, with stockholders set to receive $10.00 per share.

The price represents a 45.6% premium to ADT's unaffected closing share price of $6.87 on Oct. 27, and a 52.1% premium to its 30-day volume-weighted average price through that date, according to a press release ADT filed with an 8-K on Thursday. The agreement puts ADT's equity value at roughly $7.6 billion.

ADT's board unanimously approved the deal. Once it closes, ADT will become privately held and its common stock will stop trading on the New York Stock Exchange.

Who is buying

Thrive Holdings describes itself as a permanent capital holding company that owns and operates businesses over a long-term horizon. More than 75 businesses across accounting, IT services and the built environment are part of Thrive Holdings, and ADT will form the foundation of its smart home security business after closing, the release said.

"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, ADT's chairman, president and chief executive.

Financing commitments come solely from funds managed by affiliates of Apollo Global Management, and the deal is not subject to a financing condition, according to the release. The companies said ADT's data protection and privacy policies will remain unchanged.

A window for rival bids

The merger agreement includes a 30-day "go-shop" period, running until 11:59 p.m. New York time on Nov. 28, 2026, during which ADT and its advisors may solicit competing proposals. Certain parties that submit proposals during that window could get a potential 10-day extension. ADT can terminate the agreement to accept a superior proposal, subject to the agreement's terms, but said there is no assurance the process will produce one.

The transaction is expected to close in the first quarter of 2027, subject to approval by ADT stockholders, U.S. antitrust clearance and other customary conditions.

Earnings still on the calendar

ADT said it will still release third-quarter results on Nov. 3 before the market opens, with a summary on a 10 a.m. ET call. Because of the pending deal, the company will not take questions on that call.

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

Sources

1. ADT Inc. Form 8-K with press release announcing merger agreement with Thrive Holdings (Exhibit 99.1), filed Oct. 29, 2026 (accession 0001193125-26-437123)

This article is for informational and educational purposes only and is not investment advice. It is not a recommendation to buy or sell any security.

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