Thrive Holdings Buys ADT for $15.3 Billion, With Apollo Paying

Thrive Holdings agreed on Thursday to buy ADT, the home security company, for $10 a share in cash, which ADT put at about $7.6 billion in equity value and $15.3 billion in enterprise value. The release says the money comes "solely" from funds managed by affiliates of Apollo Global Management, not from Thrive Holdings or OpenAI.

The deal is signed, not closed. ADT expects it to complete in the first quarter of 2027, subject to ADT stockholder approval and U.S. antitrust clearance, according to ADT's investor-relations release.

What $10 a share pays for

The price is a 45.6 percent premium to ADT's unaffected close of $6.87 on Oct. 27, and a 52.1 percent premium to its 30-day volume-weighted average price ending that day. ADT's board approved the agreement unanimously.

Term	Figure
Price per share	$10.00 cash
Equity value	about $7.6 billion
Enterprise value	$15.3 billion
Premium to Oct. 27 close ($6.87)	45.6%
Expected close	Q1 2027

Enterprise value is roughly twice equity value. The release does not discuss ADT's debt, so the $7.7 billion gap is an inference from the two figures, not a disclosed number. A buyer paying $7.6 billion for the shares is also taking on whatever claims sit between that and $15.3 billion.

1. Enterprise value15.3 $ billion
2. Equity value7.6 $ billion
3. Gap between them7.7 $ billion

Source: ADT investor-relations release, Oct. 29, 2026; the 7.7 gap is the difference between the two stated figures

The go-shop and what Thrive Holdings is

ADT may solicit competing proposals until 11:59 p.m. New York City time on Nov. 28, 2026, and certain bidders can qualify for a 10-day extension. ADT can end the agreement to accept a superior offer, subject to the merger agreement's terms. It said it does not plan to disclose go-shop developments unless it decides disclosure is appropriate or required.

Thrive Holdings is a spinout of Thrive Capital, the venture firm associated with Josh Kushner, TechCrunch reported. OpenAI is both a partner and an investor, and supplies models and forward-deployed engineers to Thrive's companies. Thrive Holdings says it owns more than 75 businesses across accounting, IT services and the built environment, including Current and Shield, and describes itself as a permanent capital holding company.

That description matters because ADT is not an AI-native business. The release says ADT has more than 12,000 employees, according to Jim DeVries, ADT's chairman, president and chief executive. It names Kareem Zaki and Anuj Mehndiratta, both partners at Thrive Holdings, as the buyer's contacts. Neither company named a specific AI security product. They said ADT will "form the foundation of Thrive Holdings' smart home security business" and that both plan to invest in new products.

What the release leaves out

The release gives no ADT revenue, subscriber count or earnings, and says customer data and privacy policies will not change, with no new data sharing without customer permission. ADT will stop trading on the NYSE once the deal closes.

The round of advisers is long: Citi and Goldman Sachs & Co. LLC for ADT, with Cravath, Swaine & Moore LLP as legal counsel, and Evercore with Kirkland & Ellis LLP for Thrive Holdings.

TechCrunch put the deal in a market where Apple has launched a smart home accessory line developed with LG and Schneider Electric, and Amazon has updated its home cameras. It linked both company announcements; The Terminal has not independently evaluated either product.

The next dates are fixed. ADT reports third-quarter results on Nov. 3, with no question-and-answer session on the call, and the go-shop ends Nov. 28. Anyone arguing that $10 is too low has until then to file an offer. For comparison, see how Cognizant's reported Sarvam stake talks were framed, and where Crunchbase's quarterly robotics tally puts private capital this quarter.