Thrive Holdings, the OpenAI-backed holding company spun out of Josh Kushner's Thrive Capital, agreed to acquire home security company ADT for $10.00 per share in cash. The deal values ADT at about $7.6 billion in equity and $15.3 billion in enterprise value, ADT said on October 29, 2026.
The price is a 45.6% premium to ADT's unaffected closing price of $6.87 on October 27, and a 52.1% premium to its 30-day volume-weighted average price ending that day. ADT's board unanimously approved the agreement. Funds managed by affiliates of Apollo Global Management are the sole source of financing, and the deal carries no financing condition.
Closing requires approval from ADT stockholders and US antitrust regulators, along with other customary conditions, and is expected in the first quarter of 2027. After that, ADT will be privately held and its shares will stop trading on the New York Stock Exchange.
Key facts
- 01Thrive Holdings will pay $10.00 per share in cash for ADT, about $7.6B in equity value and $15.3B in enterprise value.
- 02The price is a 45.6% premium to ADT's unaffected October 27 close of $6.87.
- 03Funds managed by affiliates of Apollo Global Management are the sole source of financing; there is no financing condition.
- 04A 30-day go-shop runs until November 28, 2026, and the deal is expected to close in Q1 2027.
- 05OpenAI took an ownership stake in Thrive Holdings in December 2025 and supplies it with models and engineers.
The agreement includes a 30-day go-shop period, during which ADT can solicit competing proposals until 11:59 p.m. New York City time on November 28, 2026. Certain parties that submit proposals in that window may get a 10-day extension. ADT said there is no assurance a superior proposal will emerge.
Thrive Holdings is a permanent-capital holding company with more than 75 businesses across accounting, IT services and the built environment, built to hold companies long-term and revitalize them with AI. OpenAI announced an ownership stake in Thrive Holdings on December 1, 2025, and supplies its companies with models, technology and staff, including forward-deployed engineers.
ADT will form the foundation of Thrive Holdings' smart home security business. Under the plan, Thrive's engineering teams will work with ADT's professionals to find where technology can improve ADT's products and services and help its teams support customers. Neither company has announced specific AI-powered security products.
“We intend to build on that foundation by strengthening ADT's technology and product capabilities”— Kareem Zaki, Partner at Thrive Holdings
The companies also addressed customer data directly. ADT's data protection and privacy policies will remain unchanged, and there will be no new sharing of customer data without customer permission.
“Protecting customers' homes also means protecting their data.”— Anuj Mehndiratta, Partner at Thrive Holdings
Jim DeVries, ADT's chairman, president and chief executive, said the transaction recognizes the value built by the company's more than 12,000 employees.
Citi and Goldman Sachs are ADT's financial advisors, with Cravath, Swaine & Moore as legal counsel. Evercore is the exclusive financial advisor to Thrive Holdings, and Kirkland & Ellis is its legal counsel.
ADT will release third-quarter 2026 results on November 3 before the market opens, and its 10 a.m. ET conference call will not include questions.
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