Key Takeaways
- • Thrive Holdings has agreed to acquire ADT Inc. in an all-cash deal valued at $15.3 billion including debt, at $10 per share in cash, a roughly 46% premium to ADT's unaffected closing price.
- • Apollo Global Management, which took ADT public in 2018 and fully exited its equity in May, is providing all financing commitments for the transaction.
- • The deal is expected to close in the first quarter of 2027, pending shareholder approval and U.S. antitrust clearance; ADT shares will be delisted from the NYSE upon closing.
- • Thrive Holdings, a permanent-capital company spun out of Josh Kushner's Thrive Capital, plans to make ADT the foundation of its smart home security operations and to invest in ADT's technology, products, and service network.
- • A 30-day window for competing acquisition proposals runs through November 28.
Summary
ADT Inc. has agreed to be acquired by Thrive Holdings in an all-cash transaction valued at $15.3 billion including debt, according to the announcement reported by SecurityInfoWatch. The deal takes the 152-year-old home security company private again, one of the largest transactions the security industry has seen. ADT serves more than six million customers, employs over 12,000 people, and operates what is described as the largest professional security monitoring network in the country.
The transaction closes a decade-long ownership cycle led by Apollo Global Management. Apollo acquired Protection 1 in 2015 and combined it with The ADT Corporation the following year in an all-cash transaction valued at approximately $6.9 billion, also folding in ASG Security. ADT returned to public markets in January 2018 at $14 per share, with Apollo retaining a significant majority stake. Apollo reduced its position through secondary offerings, concluding in May 2026 with the sale of its remaining shares in a transaction valued at up to $770 million. Apollo is now providing all financing commitments for the Thrive Holdings acquisition.
ADT's public-company years were marked by strategic reshaping. Google took a roughly 6% equity stake in 2020, and the partnership produced ADT Self Setup, a DIY offering launched in 2023 that pairs Google Nest hardware with ADT monitoring. In September 2025, Everon acquired ADT's business-to-business multifamily operations for $55 million in cash, covering roughly 200,000 customer units, following the earlier divestiture of its commercial business. ADT has also migrated technology infrastructure to Google Cloud, and acquired Origin Wireless earlier in 2026, adding an AI-powered sensing platform that ADT plans to incorporate into products beginning in 2027. State Farm became an investor in 2022 and, after Apollo's exit, became ADT's largest shareholder.
Thrive Holdings is a permanent-capital company spun out of Josh Kushner's Thrive Capital venture firm, focused on bringing artificial intelligence into traditionally analog industries. Unlike a traditional private equity fund with a defined exit timeline, its structure is designed for long-term ownership. Market data cited from Parks Associates indicates ADT holds roughly one-third of the installed base for security systems, and its share of recent buyers rose from 21% in Q4 2022 to 26% in Q4 2025. Elizabeth Parks of Parks Associates has characterized ADT as a differentiated asset. Key open questions include whether Thrive prioritizes DIY competition or doubles down on professional monitoring, given ADT's historical difficulty asserting itself in the DIY segment.
ADT will continue operating independently until closing, with customer data and privacy policies unchanged. Shareholders will receive $10 per share in cash. The 30-day window for competing proposals runs through November 28, 2026.
The transaction closes a decade-long ownership cycle led by Apollo Global Management. Apollo acquired Protection 1 in 2015 and combined it with The ADT Corporation the following year in an all-cash transaction valued at approximately $6.9 billion, also folding in ASG Security. ADT returned to public markets in January 2018 at $14 per share, with Apollo retaining a significant majority stake. Apollo reduced its position through secondary offerings, concluding in May 2026 with the sale of its remaining shares in a transaction valued at up to $770 million. Apollo is now providing all financing commitments for the Thrive Holdings acquisition.
ADT's public-company years were marked by strategic reshaping. Google took a roughly 6% equity stake in 2020, and the partnership produced ADT Self Setup, a DIY offering launched in 2023 that pairs Google Nest hardware with ADT monitoring. In September 2025, Everon acquired ADT's business-to-business multifamily operations for $55 million in cash, covering roughly 200,000 customer units, following the earlier divestiture of its commercial business. ADT has also migrated technology infrastructure to Google Cloud, and acquired Origin Wireless earlier in 2026, adding an AI-powered sensing platform that ADT plans to incorporate into products beginning in 2027. State Farm became an investor in 2022 and, after Apollo's exit, became ADT's largest shareholder.
Thrive Holdings is a permanent-capital company spun out of Josh Kushner's Thrive Capital venture firm, focused on bringing artificial intelligence into traditionally analog industries. Unlike a traditional private equity fund with a defined exit timeline, its structure is designed for long-term ownership. Market data cited from Parks Associates indicates ADT holds roughly one-third of the installed base for security systems, and its share of recent buyers rose from 21% in Q4 2022 to 26% in Q4 2025. Elizabeth Parks of Parks Associates has characterized ADT as a differentiated asset. Key open questions include whether Thrive prioritizes DIY competition or doubles down on professional monitoring, given ADT's historical difficulty asserting itself in the DIY segment.
ADT will continue operating independently until closing, with customer data and privacy policies unchanged. Shareholders will receive $10 per share in cash. The 30-day window for competing proposals runs through November 28, 2026.
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