Thrive Holdings to Acquire ADT for $15.3 Billion in All-Cash Deal, Taking Security Giant Private

ADT has agreed to be acquired by Thrive Holdings in an all-cash transaction that values the home and business security company at approximately $7.6 billion in equity value and $15.3 billion in enterprise value, according to ADT's own announcement. Under the terms of the deal, ADT stockholders will receive $10.00 per share in cash once the transaction closes.

Deal Terms and the Premium Paid

ADT's Board of Directors unanimously approved the agreement, the company said. The $10.00 per share price represents a 45.6% premium to ADT's unaffected closing share price of $6.87 on October 27, 2026, and a 52.1% premium to the stock's 30-day volume-weighted average price ending the same date, per ADT's disclosure. Yahoo Finance and a market-news post from Evan (@StockMKTNewz) on X, which cited Bloomberg, corroborated the per-share figure and premium calculations.

Using ADT's own disclosed figures, the enterprise value of $15.3 billion exceeds the equity value of $7.6 billion by $7.7 billion (calculated as $15.3 billion minus $7.6 billion), a gap equal to roughly 50% of the enterprise value ((7.6 - 15.3) / 15.3 x 100 = -50.3%). Our interpretation: that spread is consistent with the enterprise-value figure incorporating assumed debt and other obligations beyond the cash paid to shareholders. This is a calculation based on the two values ADT disclosed, not a separately reported debt figure.

Financing and Closing Conditions

ADT said financing commitments for the deal have been solely provided by funds managed by affiliates of Apollo Global Management, Inc., and that the agreement is not subject to a financing condition. Beyond that disclosure, ADT's announcement did not detail the specific structure, tranches, or terms of Apollo's commitment, so the mechanics of how the financing is arranged remain undisclosed in the companies' public statements.

The transaction is expected to close in the first quarter of 2027, subject to customary closing conditions, including approval by ADT's stockholders and receipt of U.S. antitrust approval, according to ADT. Law firm Kirkland & Ellis, which advised Thrive Holdings, repeated the same first-quarter 2027 closing timeline and the antitrust-approval condition. Neither ADT's announcement nor the advisor releases identified specific antitrust concerns, market overlaps, or regulatory objections tied to the deal; the disclosed risk language is limited to the generic possibility that required regulatory approvals "may not be obtained," or may come with conditions, limitations or restrictions, as stated in ADT's filing.

ADT's disclosed risk factors also flag that termination of the merger agreement could occur under circumstances requiring ADT to pay a termination fee, and that the transaction carries a risk of stockholder litigation, including the associated expense or delay. No specific termination fee amount or litigation details were disclosed in the available materials.

Go-Shop Period

Under the merger agreement, ADT may solicit competing proposals from third parties, with the assistance of its financial advisors, for 30 days continuing until 11:59 p.m. New York City time on November 28, 2026. A potential 10-day extension is available for certain parties that submit acquisition proposals during that initial window, according to ADT. It is not disclosed whether any competing bids have emerged as of the announcement.

Advisors and Executive Comments

Citi and Goldman Sachs & Co. LLC are serving as financial advisors to ADT, with Cravath, Swaine & Moore LLP as legal counsel, ADT said. Evercore is serving as exclusive financial advisor to Thrive Holdings, with Kirkland & Ellis LLP as legal counsel, according to both ADT's release and Kirkland & Ellis's own statement.

ADT CEO Jim DeVries said the deal "recognizes the value built by our more than 12,000 employees and delivers an attractive cash premium to our stockholders," per ADT's announcement. Thrive Holdings Partner Kareem Zaki said the firm intends to strengthen ADT's "technology and product capabilities, with the capital and patience to invest over decades," also per ADT's statement. ADT described Thrive Holdings as a permanent capital holding company that currently owns more than 75 businesses across accounting, IT services and the built environment.

Market Reaction and Ownership Context

A social media post from Evan (@StockMKTNewz), citing Bloomberg, described the buyer as "Joshua Kushner's Thrive Holdings" taking ADT private in the deal. Commentary attached to that same post characterized the premium bluntly: "A 45.6% premium is a brutal reminder that 'market price' is sometimes just the price before someone serious shows up." This is a single attributed social-media reaction rather than a survey of analyst or institutional shareholder sentiment; no broader analyst commentary on valuation relative to intrinsic value was found in the available materials.

Separately, Thrive Capital Management's next quarterly 13F filing, due by November 16, will cover September 30 reportable holdings that predate this acquisition announcement, according to a report from QuiverQuant, meaning that filing will not reflect any position tied to the ADT deal.

Following completion of the transaction, ADT will become privately held and its common stock will cease trading on the New York Stock Exchange, per ADT's and Yahoo Finance's reporting. ADT's third quarter 2026 results are scheduled for release on November 3, 2026, before market opening, and the company said it will not take questions on the earnings call in consideration of the announced transaction.

Bottom Line

The agreement delivers ADT shareholders a disclosed cash premium of 45.6% over the stock's unaffected price, backed by Apollo-arranged financing with no financing contingency, according to the companies' own statements. What remains unaddressed in the public record is the specific antitrust review path, the detailed terms of Apollo's commitment, and any broader analyst consensus on whether $10.00 per share reflects ADT's full intrinsic value. Those gaps, along with the outcome of the 30-day go-shop window, are likely to shape how the deal is scrutinized before its expected first-quarter 2027 close.