By Hamza Faisal
ADT, one of America's best-known home-security companies, is going private again. Thrive Holdings has agreed to acquire ADT in an all-cash deal that values the company at about $7.6 billion in equity and $15.3 billion including debt, the companies announced on Thursday.
Under the agreement, ADT shareholders will receive $10.00 per share in cash. That represents a premium of 45.6 percent to ADT's unaffected closing price of $6.87 on October 27, and 52.1 percent to its 30-day volume-weighted average share price. ADT's board unanimously approved the deal.
A second take-private in a decade
The transaction would be ADT's second trip into private ownership in ten years. Apollo Global Management took ADT private in 2016 and returned it to the New York Stock Exchange in 2018, then sold its last shares only in May of this year. Now Apollo returns to the story in a different role: funds managed by its affiliates are solely financing Thrive's purchase, and the deal is not subject to a financing condition.
Thrive Holdings is a permanent-capital holding company formed by Josh Kushner's venture firm Thrive Capital. Unlike a traditional private-equity fund with a fixed exit deadline, its structure is designed to own and operate businesses over a long horizon — a pitch that, the companies said, gives ADT more flexibility to invest in its people and in new products and services.
What happens next
The deal is expected to close in the first quarter of 2027, subject to approval by ADT shareholders and US antitrust regulators. ADT may still solicit rival offers during a 30-day go-shop period running to November 28, with a possible 10-day extension for certain parties. Citi and Goldman Sachs advised ADT on the deal, while Evercore advised Thrive.
ADT, based in Boca Raton, Florida, provides security monitoring, interactive security and smart-home automation to residential and small-business customers across the United States, drawing on more than 150 years of security experience. Thrive said it will uphold ADT's commitment to protecting customer data, and that its data protection and privacy policies will remain unchanged.
For ADT's customers, the immediate message is continuity: the same monitoring network, now backed by long-term capital rather than quarterly market scrutiny. For the wider smart-home industry, the deal is another sign that recurring monitoring revenue — steady, subscription-based and hard to displace — is prized by private capital even as hardware margins thin. Whether going private frees ADT to invest faster in AI-driven monitoring, or simply loads a steady business with new debt, will be the test of the next few years.
