Thrive Holdings agrees to buy ADT in $15.3B deal

Thrive Holdings has agreed to acquire ADT in an all-cash deal valuing the home-security company at $15.3 billion, including debt. ADT shareholders would receive $10 per share, valuing its equity at about $7.6 billion. The companies announced the agreement on October 29, 2026, saying the deal could expand ADT’s technology and product development. The transaction still needs shareholder and regulatory approvals.

ADT’s board unanimously approved the agreement, according to the company’s official announcement. The $10 cash offer represents a 45.6% premium over ADT’s October 27 closing share price of $6.87. The offer also equals a 52.1% premium over the company’s 30-day volume-weighted average price through that date.

The $15.3 billion figure is the deal’s enterprise value, which includes debt and other obligations. The separate equity value is approximately $7.6 billion. Keeping the figures distinct helps clarify why reports describe the transaction with two different headline amounts.

The deal is not complete, and ADT will continue operating independently until closing. The companies expect to close in the first quarter of 2027, subject to ADT shareholder approval and U.S. antitrust clearance. Funds managed by affiliates of Apollo Global Management provided the financing commitments, according to ADT.

If the agreement closes, ADT will become privately held and its shares will stop trading on the New York Stock Exchange. Thrive Holdings describes itself as a long-term owner that invests in established businesses and technology. The company says its engineering teams will work alongside ADT staff to identify ways to improve products and customer support.

ADT will form the foundation of Thrive Holdings’ smart-home security business after closing. Thrive says it plans to invest in ADT’s people, products and services over the long term. However, the companies have not yet announced specific new security products or a detailed rollout timetable.

ADT Chief Executive Jim DeVries said the transaction recognizes the company’s employees and offers shareholders a cash premium. “With Thrive Holdings’ long-term capital and technology expertise, ADT will gain new opportunities to accelerate innovation, enhance the customer experience and bring greater peace of mind to even more homes and businesses.” — Jim DeVries, Chairman, President and CEO of ADT.

Thrive Holdings has an established partnership with OpenAI, which also holds an ownership stake in the company. In its partnership announcement, OpenAI said it would place research, product and engineering teams inside Thrive businesses. The initial focus named at the time was accounting and IT services, with a stated plan to expand the model into other industries.

TechCrunch reported that OpenAI supplies Thrive’s companies with AI models, technology and engineering support. ADT’s announcement describes plans to combine its security expertise and national service network with Thrive’s engineering capabilities. It does not specify particular AI products, confirm which OpenAI systems will be used, or promise a launch date.

The companies also addressed customer data. ADT says its existing privacy and data protection policies will remain unchanged. It said no new data sharing would occur without customer permission, a material point as the proposed owner plans to increase technology work.

ADT may solicit competing proposals for 30 days, through November 28, under a go-shop provision in the merger agreement. The agreement allows a possible 10-day extension for certain parties that submit proposals during the initial period. ADT can end the agreement to accept a superior offer, subject to contractual terms.

The acquisition also requires approval from ADT shareholders and U.S. antitrust regulators. If those conditions are met, shareholders would receive cash when the transaction closes. Until then, ADT remains a public company and continues operating independently.

Ultimately, Thrive Holdings has agreed to buy ADT for $10 per share in a deal with $15.3 billion enterprise value. Its planned AI ambitions remain broad, with no specific new product or OpenAI deployment confirmed. Completion depends on shareholder and regulatory approval, and ADT has a go-shop period to consider other bids. The coming months will determine whether the agreement proceeds as announced.