Home security company ADT has agreed to be bought by Thrive Holdings, the OpenAI-backed holding company spun out of Josh Kushner’s Thrive Capital, in an all-cash deal that values ADT at $15.3 billion including debt. ADT announced the agreement on Oct. 29, 2026. Shareholders will receive $10.00 a share in cash, and ADT will leave the New York Stock Exchange once the deal closes.
Key figures: $10.00 per share in cash · 45.6% premium · $7.6B equity value, $15.3B enterprise value · go-shop ends Nov. 28, 2026 · close expected Q1 2027
The Deal at a Glance
Size: about $7.6 billion in equity value and $15.3 billion in enterprise value, which adds ADT’s debt and other obligations to the price of its shares.
Price: the $10.00 offer is a 45.6% premium to ADT’s unaffected closing price of $6.87 on Oct. 27, 2026, and a 52.1% premium to its 30-day volume-weighted average price ending that day. ADT’s board approved the deal unanimously.
Financing: funds managed by affiliates of Apollo Global Management are the only source of financing commitments, and the deal has no financing condition.
Timeline: the companies expect to close in the first quarter of 2027, subject to approval by ADT stockholders and U.S. antitrust clearance. Under a “go-shop” clause in the merger agreement filed with the SEC, ADT and its advisers may seek better offers until 11:59 p.m. New York time on Nov. 28, 2026, with a possible 10-day extension for bidders who come forward in that window. ADT can walk away for a superior proposal under the agreement’s terms.
Impact: ADT will become a private company and the foundation of Thrive Holdings’ smart home security business. ADT said its more than 12,000 employees and its customer data and privacy policies stay in place, and that “no new data sharing will occur without customer permission.”
Who Thrive Holdings Is
Thrive Holdings describes itself as a permanent capital holding company, meaning it plans to own businesses over a long period rather than sell them on a fixed schedule. It says more than 75 businesses in accounting, IT services and the built environment are part of it. OpenAI took an ownership stake in Thrive Holdings in December 2025, Reuters reported at the time, and TechCrunch reported that OpenAI supplies the firm’s companies with AI models and with engineers who work inside those businesses.
The companies said Thrive’s engineering teams will work with ADT’s staff to find ways technology can improve its products and service. Neither company said what new AI-powered products it plans to release.
By the Numbers: The Premium and the Debt
The offer is $3.13 a share above ADT’s unaffected price. The gap between the $15.3 billion enterprise value and the $7.6 billion equity value is about $7.7 billion, which roughly reflects the net debt and other claims the buyer takes on, a TBR calculation from the announced figures. In other words, about half of the headline deal value is debt rather than payments to shareholders.
For comparison, the DoorDash and Instacart deal announced the same day is valued at about $17 billion in equity, as we report in DoorDash’s $17 billion Instacart deal. ADT’s headline figure is close in size, but less than half of it goes to shareholders.
What It Means for ADT Customers in Massachusetts
ADT sells and monitors alarm systems for homes and small businesses nationwide, including across Massachusetts. Nothing changes for customers before closing, and the company said it will keep operating independently until then. Data protection is a focus of the announcement. The Boston Report recently covered how a cyberattack hit Boston Scientific’s results, and Thrive partner Anuj Mehndiratta said in the announcement that the firm is “committed to upholding the highest standards of privacy and cybersecurity.”
Reaction
“ADT is pleased to enter into this transaction, which recognizes the value built by our more than 12,000 employees and delivers an attractive cash premium to our stockholders,” ADT chairman, president and CEO Jim DeVries said. Kareem Zaki, a partner at Thrive Holdings, said the firm intends to strengthen ADT’s technology “with the capital and patience to invest over decades.”
ADT will still release its third-quarter 2026 results on Nov. 3 before the market opens, with a 10 a.m. ET call, but said it will not take questions because of the pending deal. Citi and Goldman Sachs advised ADT, with Cravath, Swaine & Moore as legal counsel. Evercore advised Thrive Holdings, with Kirkland & Ellis as counsel.
Sources
- ADT Investor Relations: ADT to be Acquired by Thrive Holdings in $15.3 Billion Transaction
- SEC: ADT Form 8-K, Exhibit 99.1 (Oct. 29, 2026)
- TechCrunch: OpenAI-backed Thrive Holdings acquires ADT
- Reuters: OpenAI takes stake in Thrive Holdings (Dec. 1, 2025)
Additional sources
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