Thrive Holdings has agreed to acquire US home security provider ADT for $10 a share in cash, valuing its equity at approximately $7.6 billion and the enterprise at $15.3 billion. The offer represents a 45.6% premium to ADT's October 27 closing price of $6.87. ADT's board unanimously approved the transaction.
Established by Joshua Kushner's Thrive Capital last year, Thrive Holdings was designed to retain businesses for longer than a typical private equity firm. It owns more than 75 companies across accounting, IT services, and the built environment. OpenAI, both an investor and a partner, supplies AI models and engineers to companies in its portfolio.
ADT is set to anchor Thrive's smart home security business. Thrive says technological improvements could reduce false alarms, make alerts more informative, and detect equipment faults earlier. The companies have pledged to maintain ADT's existing data and privacy policies, with no new data sharing without customer consent.
Funds managed by affiliates of Apollo Global Management will provide all financing. Apollo previously took ADT private in 2016, returned it to the New York Stock Exchange in 2018, and sold its remaining stake five months before the announcement.
Completion is expected in the first quarter of 2027, subject to approval from ADT shareholders and US antitrust regulators. ADT may solicit competing offers until November 28, with a possible 10-day extension for certain bidders. Once the transaction closes, its shares will cease trading.
