Thrive Holdings to Buy ADT for $10 a Share in Cash, $15.3B Deal

29 October 2026. ADT Inc. and Thrive Holdings announced a definitive agreement under which Thrive Holdings will acquire ADT in an all-cash deal. ADT stockholders will receive $10.00 per share, and the companies value ADT at about $7.6 billion in equity and $15.3 billion in enterprise value, according to the joint release.

How much is Thrive Holdings paying for ADT?

Thrive Holdings will pay $10.00 per share in cash, and the companies put the total value at about $7.6 billion in equity and $15.3 billion in enterprise value. The equity figure is the amount paid to shareholders. The enterprise value is the larger figure reported for the whole transaction.

In short, the buyer pays a fixed cash amount for each share. The two valuation figures describe the same deal from different angles: one counts the equity that shareholders receive, and the other counts the whole transaction as the companies report it.

Dividing the equity value by the offer price implies about 760 million shares. This is our arithmetic, not a share count the companies stated.

What premium does the $10.00 price represent?

The release says $10.00 is a 45.6% premium to ADT's unaffected closing share price on 27 October 2026. Against the 30-day volume-weighted average share price ending that day, the premium is 52.1%. Both figures are the companies' own calculations.

A premium here means the amount by which the offer price sits above a reference share price, expressed as a percentage of that reference price. Shareholders comparing the offer with the stock's recent trading can use the two reference points in the table above. The first is a single-day closing price and the second is a 30-day average, so the two premiums measure different things.

The premium depends on the reference date. The companies chose 27 October, so a premium measured from another date would show a different number.

Who is buying ADT, and how is the deal financed?

Thrive Holdings is the buyer. The release describes it as a permanent capital holding company focused on investing in established businesses and advancing their capabilities through technology. Financing commitments come solely from funds managed by affiliates of Apollo Global Management, Inc., according to the release.

The release says the transaction would combine ADT's security experience, nationwide service network and customer trust with Thrive's long-term capital and engineering capabilities. It gives no timetable for that work.

The release describes those commitments as the only financing source, so the announcement names no other lender or investor. Because the financing comes from one source, the buyer's funding rests on those Apollo-affiliated commitments. We return to this point in the section on open questions.

What happens to ADT's listing and shareholders?

ADT becomes a privately held company when the deal completes, and its common stock stops trading on the New York Stock Exchange. Shareholders receive $10.00 in cash for each share. For a holder at completion, the practical effect is simple: the share converts into cash at that price, and it no longer trades on the exchange afterwards. The release describes the delisting.

ADT's Board of Directors unanimously approved the agreement, according to the release and TNW. The companies expect the deal to close in the first quarter of 2027.

Can another buyer still make an offer for ADT?

Yes, for a limited period. The agreement lets ADT solicit competing acquisition proposals from third parties for 30 days, until 11:59 p.m. New York City time on 28 November 2026, according to the release.

A rival bid would have to beat a $10.00 cash price that the board has already approved. Any other party's proposal would therefore arrive within the 30-day window the agreement allows.

Why do the equity and enterprise value figures differ?

Readers comparing the two figures should keep their bases apart. The equity figure covers the value attributed to shareholders, while the enterprise value covers the whole transaction. The gap between the two figures is about $7.7 billion, which is $15.3 billion minus $7.6 billion. The release does not break the gap into components, so the $7.7 billion figure is our subtraction, not a number the companies gave.

What did the companies announce, and what did outlets report?

ADT Inc. and Thrive Holdings announced the price, the premiums, the equity and enterprise values, the board approval, the Apollo financing, the 30-day solicitation period and the expected closing timing in their 29 October 2026 release.

TNW reported the same equity value, price, premium and board approval on 30 October 2026. Its figures match the release.

What's still unclear?

• Closing conditions. The release sets a first-quarter 2027 close, subject to customary conditions, including approval by ADT's stockholders and U.S. antitrust approval. It says the transaction is not subject to a financing condition.
• Financing concentration. All of the financing comes from funds managed by Apollo-affiliated entities. If those commitments change, the deal's funding changes with them.
• Rival bids. The solicitation period runs until 28 November 2026. Whether a competing proposal emerges is unknown until that date.
• Premium basis. The 45.6% and 52.1% premiums rest on the companies' chosen reference date and on their own calculation methods.