Thrive Holdings to acquire ADT in $7.6 billion cash deal

Overview

Updated 46 minutes ago

ADT, the home security company protecting millions of American homes for over 150 years, is going private. Joshua Kushner's Thrive Holdings agreed on October 29 to acquire the company for $10 per share in cash, valuing it at $7.6 billion in equity and $15.3 billion including debt.

Apollo Global Management is financing the deal. Thrive's permanent capital structure means it can invest for decades without quarterly earnings pressure, a model it says will improve ADT's products and cut false alarms. Customer data policies will stay unchanged.

Why it matters

Control of millions of monitored American homes shifts to a permanent capital firm that promises decades-long investment without quarterly earnings pressure.

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Key Indicators

$7.6B

Equity value

Total cash paid to ADT stockholders in the acquisition.

$15.3B

Enterprise value

Equity value plus ADT's outstanding debt.

45.6%

Takeover premium

Premium to ADT's closing share price of $6.87 on October 27, 2026.

$10.00

Cash per share

Price ADT stockholders receive upon deal completion, expected Q1 2027.

12,000+

ADT employees

Workforce count cited by ADT CEO Jim DeVries in the deal announcement.

Voices

Curated perspectives — historical figures and your fellow readers.

People Involved

Joshua Kushner

Founder of Thrive Holdings and Thrive Capital Management

Leading the ADT acquisition

Jim DeVries

Chairman, President and CEO of ADT Inc.

Announced the acquisition agreement with Thrive Holdings

Kareem Zaki

Partner at Thrive Holdings

Leading the ADT acquisition for Thrive

Anuj Mehndiratta

Partner at Thrive Holdings

Involved in the ADT acquisition

Organizations Involved

ADT Inc.

Home security and smart home solutions provider

Being acquired by Thrive Holdings; will become privately held

Leading provider of security, interactive and smart home solutions for residential and small business customers across the U.S.

Thrive Holdings

Permanent capital holding company

Acquiring ADT for $7.6 billion in equity

A permanent capital holding company that acquires established businesses and applies technology to their operations across accounting, IT services and the built environment.

Apollo Global Management

Alternative asset management firm

Providing financing for the Thrive-ADT deal; former ADT owner

Global alternative asset manager that financed the ADT acquisition and previously owned the company.

Timeline

2018 October 2026

3 events Latest: Today

October 2026
Thrive agrees to acquire ADT for $7.6 billion
Today Acquisition

Thrive Holdings announces all-cash deal at $10 per share. ADT stock jumps 34% on the news.
Today
May 2026
Apollo exits ADT
Divestment

Apollo sells its remaining ADT stake with the stock trading at roughly $7 per share.
May 2026
2018
Apollo lists ADT on the NYSE
IPO

Apollo Global Management takes ADT public at $14 per share on the New York Stock Exchange.
2018

Scenarios

ADT shareholders approve merger; deal closes in Q1 2027

Likely Resolves by Q1 2027

Discussed by: ADT and Thrive Holdings stated the deal is expected to close in Q1 2027, subject to stockholder approval and antitrust clearance.

ADT's board unanimously approved the deal, and the 45.6% premium makes shareholder approval likely. Apollo-affiliated funds have committed financing, and neither company has flagged regulatory concerns. The deal closes as announced and ADT's stock ceases trading on the NYSE.

Go-shop process yields a superior bid

Unlikely Resolves by Dec 10, 2026

Discussed by: The merger agreement includes a 30-day go-shop period through November 28, allowing ADT to solicit competing offers.

A rival buyer could emerge during the go-shop period, but the 45.6% premium makes a higher bid unlikely. If one appears, ADT can terminate the merger agreement to accept it, subject to conditions.

Antitrust review delays or blocks the deal

Unlikely Resolves by Q2 2027

Discussed by: The transaction is subject to U.S. antitrust approval, a standard condition for acquisitions of this size noted in ADT's announcement.

The Federal Trade Commission or Department of Justice could scrutinize the deal, though a home security company acquisition is unlikely to raise significant competition concerns. A delay beyond Q1 2027 is possible but a complete block appears unlikely.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

2013

Dell Goes Private (2013)

Michael Dell and Silver Lake Partners took Dell private in a $24.9 billion buyout, the largest technology deal since the 2008 financial crisis. Dell argued that public market scrutiny prevented the long-term restructuring needed to compete in enterprise technology.

Then

Dell completed its transformation, acquiring EMC for $67 billion in 2016 and building a cloud and data infrastructure business.

Now

Dell returned to public markets in 2018. The take-private became a case study in using patient capital to fund technology transformation.

Why this matters now

Thrive Holdings describes the same logic for ADT: permanent capital to invest in technology over years without quarterly earnings pressure.

July 2007

Blackstone Buys Hilton (2007)

Blackstone acquired Hilton Hotels for $26 billion just before the financial crisis. Hilton's debt load nearly sank the deal, but Blackstone held on, restructuring operations and investing in the brand through the downturn.

Then

Hilton emerged from the recession stronger, and Blackstone took it public again in 2013.

Now

The deal showed how patient capital can add value to a service business through difficult economic cycles.

Why this matters now

Similar to Thrive's plan for ADT: hold an established service company, invest through the cycle, and benefit from long-term operational improvements.