ADT

Physical Security · Smart Home · AI

Acquisition

OpenAI-backed Thrive Holdings acquires ADT in $15.3B deal

Apollo Global, which exited the security giant just five months ago, is now bankrolling the deal that takes it private again.

• Thrive Holdings agreed to acquire ADT for $10 per share in cash, valuing the company at $7.6B in equity and $15.3B in enterprise value, a 45.6% premium over its Oct. 27 close.
• ADT sells security systems, cameras and smart-home technology to residential and small-business customers, generating recurring revenue through monthly monitoring subscriptions.
• OpenAI is both a partner and investor in Thrive Holdings, supplying AI models and 'forward-deployed engineers' to the more than 75 companies the permanent-capital holding firm owns.
• The all-cash deal is financed by funds managed by Apollo Global Management affiliates, the same firm that took ADT private in 2016, relisted it in 2018, and sold its remaining stake just five months earlier.
• The agreement includes a go-shop period through Nov. 28 and is expected to close in Q1 2027, pending ADT stockholder and U.S. antitrust approval.
• The deal lands amid a broader AI-powered home-security push, with Apple just launching smart home products with LG and Schneider Electric and Amazon rolling out new AI home cameras.
• The acquisition shows AI labs extending their reach beyond software into century-old physical infrastructure businesses, using permanent capital to retrofit legacy companies rather than build new ones.