Residential security firm ADT has agreed to be taken private for $7.6 billion by Thrive Holdings, a permanent capital vehicle created by Josh Kushner’s Thrive Capital to buy businesses in critical industries and improve their prospects with technology, including AI.
Under the all-cash deal announced on Thursday, ADT shareholders will receive $10 for each share they own upon completion of the transaction, expected in the first quarter of 2027. The deal’s enterprise value is about $15.3 billion including debt. The offer price implies a premium of about 35% to the stock’s last close. ADT shares jumped about 34% in morning trading.
Thrive Holdings was launched last year by Josh Kushner, who founded venture firm Thrive Capital in 2009. Kushner’s brother, Jared, is US President Donald Trump’s son-in-law. Thrive Holdings takes a long-term ownership approach, and its other investments include accounting business Current and IT services company Shield.
Home security providers have been increasingly investing in connected devices, AI and home automation services to drive growth beyond traditional alarm monitoring, as competition intensifies from technology firms and do-it-yourself security providers. ADT offers security monitoring, smart-home automation and related services to residential and small business customers in the US.
Thrive views ADT, which has been around for over 150 years, as a hard business to replicate that can be advanced through new products and tools, according to a person familiar with the deal. For example, there are opportunities to reduce false alarms and spot equipment problems sooner, the person said.
This deal will return ADT to private ownership. The company was taken private by Apollo Global Management in 2016 and combined with Protection 1 in a $15 billion deal, before being listed again in the public markets in early 2018. Apollo Global divested its remaining stake in ADT in May 2026. ADT will continue to operate independently until the transaction is completed, after which its shares will be delisted from the New York Stock Exchange, it said.
