Thrive Holdings Will Pay $10 a Share for ADT, a 45.6% Premium, With Apollo as Sole Financing Source

Thrive Holdings agreed on October 29 to buy ADT Inc. for $10.00 a share in cash, valuing the home-security company at about $7.6 billion in equity and $15.3 billion including debt. The price is a 45.6% premium to ADT's unaffected close of $6.87 on October 27.

The $15.3 billion that most headlines carry is enterprise value, which adds ADT's debt to the equity price. The $7.7 billion gap between the two figures is the part of the bill Thrive inherits rather than pays to shareholders. Announced is a long way from closed: the companies expect completion in the first quarter of 2027.

The terms, and who has to approve them

According to the release text reproduced by Quiver Quantitative, ADT's board approved the agreement unanimously. Funds managed by Apollo Global Management affiliates are the sole financing source, and the deal has no financing condition.

Term	Figure	Detail
Price	$10.00 a share, cash	45.6% over the $6.87 close on October 27
Equity value	About $7.6 billion	Enterprise value $15.3 billion
Go-shop	Ends 11:59 p.m. New York time, November 28	30 days, extendable by 10 for certain bidders
Expected close	First quarter of 2027	Needs stockholder and U.S. antitrust approval

The go-shop lets ADT solicit rival bids for 30 days and terminate the agreement for a superior proposal. Until closing, ADT keeps operating independently, and its stock leaves the NYSE when the deal completes.

What Thrive Holdings is

TechCrunch describes Thrive Holdings as a holding company spun out of Thrive Capital, the firm led by Josh Kushner. It says Thrive Holdings holds more than 75 companies, and that OpenAI is both a partner and an investor, supplying models, technology and forward-deployed engineers to the companies it owns.

The release says ADT "will form the foundation of Thrive Holdings' smart home security business." Neither company said which AI-powered products it plans to release. ADT's chairman, president and chief executive, Jim DeVries, said the deal "recognizes the value built by our more than 12,000 employees."

Why no multiple yet

Neither the TechCrunch report nor the release summary carries ADT revenue or EBITDA, so an implied multiple cannot be calculated from them. The only ratio available is the premium, and a 45.6% premium to an unaffected close says what shareholders gain over the October 27 price, not what Thrive pays for earnings.

ADT's third-quarter results are scheduled for November 3, before market open, and the company said there will be no question-and-answer session on that call. That filing is the first chance to put a denominator under the $15.3 billion.

Data and the competition

Anuj Mehndiratta, a Partner at Thrive Holdings, said in the release that "Protecting customers' homes also means protecting their data." The release says ADT's data and privacy policies will not change and that no new data sharing will begin without customer permission.

TechCrunch adds that ADT already partners with Apple and Google and is expected to keep both. Apple has entered home security with a lineup built with LG and Schneider Electric, and Amazon has updated its smart home line with AI-powered cameras. Kareem Zaki, another Thrive Holdings Partner, said the firm intends to build on ADT's foundation "by strengthening ADT's technology and product capabilities."

Other startup-adjacent deals on the site include Salesforce's reported $375 million purchase of Rune Technologies and Agility Robotics' SPAC raise cut to about $465 million.

The next dates are November 3 for ADT's results and November 28 for the end of the go-shop. A proxy statement has not been filed, so the deal's background and the board's reasoning are not yet public.