Analysis
Thrive Holdings agreed to acquire ADT, the home-security company, in an all-cash transaction that values ADT at approximately $7.6 billion in equity value and $15.3 billion in enterprise value, according to ADT's own announcement filed with the Securities and Exchange Commission on October 29, 2026. Source
ADT stockholders will receive $10.00 per share in cash upon completion, a 45.6% premium to the company's unaffected closing price on October 27, 2026.
What ADT and Thrive Holdings do
ADT describes itself as a leading provider of security, interactive and smart-home solutions serving residential and small-business customers across the US, per its SEC filing. Thrive Holdings is a permanent-capital investment vehicle formed by Thrive Capital, the venture firm best known for early bets on Instagram and Stripe and, more recently, OpenAI; Kirkland & Ellis advised on Thrive Holdings' formation in May 2025, structuring it to acquire and operate businesses for the long term rather than exit them on a fund-life timeline the way a traditional private-equity vehicle would.
“ADT stockholders will receive $10.00 per share in cash upon completion, a 45.6% premium to the company's unaffected closing price on October 27, 2026.”
Thrive Holdings' deal history
The ADT acquisition lands just eleven weeks after Thrive Holdings closed a $2 billion fundraise from existing institutional partners and new outside investors including D1 Capital Partners, Altimeter Capital and SoftBank, Kirkland & Ellis announced in August 2026.
Our prior coverage of that raise noted the vehicle's OpenAI-adjacent investor base; the ADT deal is the clearest evidence yet of how that capital is being deployed.
Who is financing the ADT deal
The transaction is financed solely by funds managed by affiliates of Apollo Global Management, with no financing condition attached to the deal, according to a related SEC filing. Source That is a notable return for Apollo, which took ADT private in a separate transaction back in 2016 before the company returned to public markets.
Citi and Goldman Sachs are ADT's financial advisors on the deal, with Cravath, Swaine & Moore as legal counsel; Evercore is advising Thrive Holdings, with Kirkland & Ellis as its legal counsel. The deal includes a go-shop period running through 11:59 p.m. New York time on November 28, 2026, with a possible 10-day extension for certain bidders, during which ADT can solicit competing offers before the agreement becomes exclusive.
Home-security market and competitors
ADT has changed hands before: Apollo Global Management took it private in 2016 before the company returned to public markets, and the home-security industry it operates in has faced years of margin pressure from DIY smart-home competitors like Ring (Amazon) and SimpliSafe, which undercut ADT's professionally monitored, contract-based model with self-installed hardware and no long-term commitment.
What to watch next
Critics of permanent-capital vehicles argue they can overpay for mature, slow-growing assets because they face none of a traditional PE fund's pressure to exit within a set hold period; a 45.6% premium on a monitoring-contract business with modest organic growth will draw exactly that scrutiny. The deal is expected to close in the first quarter of 2027, pending ADT stockholder approval and U.S. antitrust clearance, a timeline that gives competing bidders in the go-shop period months to materialize rather than just the four weeks the window technically allows.