Thrive Holdings has agreed to buy ADT, a US home security company, for $10 a share in cash. The agreement values ADT's shares at about $7.6 billion, with a total deal value of $15.3 billion. The purchase still needs approval from ADT shareholders and US competition regulators, and the companies expect it to close in the first quarter of 2027.
Created by Joshua Kushner's Thrive Capital, Thrive Holdings owns more than 75 businesses. Its approach is to hold companies for the long term and improve them using artificial intelligence. OpenAI is both an investor and a partner, providing AI models and engineers to businesses that Thrive owns.
ADT will become the foundation of Thrive's smart home security business. Thrive says new technology could reduce false alarms, provide more informative alerts, and identify faulty equipment earlier. The companies say ADT's data and privacy policies will remain unchanged, and any new data sharing will require customers' permission.
Funds connected to Apollo Global Management will provide all the financing. Apollo previously owned ADT, taking it private in 2016 and returning it to the stock market in 2018. ADT can seek better offers until November 28, with a possible extension for some bidders. Its shares will stop trading once the sale closes.
