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Thrive Holdings to acquire ADT in $7.6 billion cash deal

Thrive Holdings to acquire ADT in $7.6 billion cash deal

Money Moves

Joshua Kushner's permanent capital firm to take home security provider private, backed by Apollo financing

October 29th, 2026: Thrive agrees to acquire ADT for $7.6 billion

Overview

Updated Oct 30

ADT, the home security company that has protected homes for more than 150 years, is going private. Joshua Kushner's Thrive Holdings agreed October 29 to buy it for $10 per share in cash, or $7.6 billion in equity and $15.3 billion including debt. ADT closed that day about 1.2% below $10, a gap that suggests investors expect no higher bid.

Apollo Global Management affiliates are providing all of the financing. Thrive says its permanent capital lets it invest for decades without quarterly earnings pressure, and that it will strengthen ADT's technology and products. ADT's customer data and privacy policies stay unchanged, and no new data sharing will occur without customer permission.

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.

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People Involved

Joshua Kushner
Joshua Kushner
Founder of Thrive Holdings and Thrive Capital Management
Leading the ADT acquisition
JD
Jim DeVries
Chairman, President and CEO of ADT Inc.
Announced the acquisition agreement with Thrive Holdings
KZ
Kareem Zaki
Partner at Thrive Holdings
Leading the ADT acquisition for Thrive
 Anuj Mehndiratta
Anuj Mehndiratta
Partner at Thrive Holdings
Involved in the ADT acquisition

Organizations Involved

ADT Inc.
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
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
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: October 29th, 2026 · 1 week ago

  1. Thrive agrees to acquire ADT for $7.6 billion

    Latest Acquisition

    Thrive Holdings announces all-cash deal at $10 per share. ADT stock jumps 34% on the news.

  2. Apollo exits ADT

    Divestment

    Apollo sells its remaining ADT stake with the stock trading at roughly $7 per share.

  3. Apollo lists ADT on the NYSE

    IPO

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

Scenarios

1

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.

2

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 before the go-shop period ends November 28. ADT's stock closed about 1.2% below $10 on announcement day, which suggests the market sees little chance of a higher bid. If one appears, ADT can terminate the merger agreement to accept it, subject to conditions.

3

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 review the deal, since closing requires U.S. antitrust approval. A delay beyond the first quarter of 2027 is possible. A complete block appears unlikely, though no source has assessed the deal's antitrust risk.

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.

Sources

(13)
+7
ADT Investor Relations Bloomberg Law The Verge Thrive Holdings Investing.com South Florida Business Journal Kirkland & Ellis The Global Legal Post Boursorama TechCrunch FinancialMarkets.com Briefed SEC EDGAR