THRIVE HOLDINGS ACQUIRES ADT IN $7.6 BILLION DEAL

Thrive Holdings and ADT announced on Thursday that Thrive Holdings will acquire the home security company in an all-cash deal worth about $7.6 billion in equity. The companies set the price at $10 per ADT share. ADT put the transaction’s enterprise value at $15.3 billion. The companies expect the deal to close in the first quarter of 2027. The acquisition will take ADT private.

Joshua Kushner founded Thrive Holdings last year as an offshoot of his venture capital firm, Thrive Capital Management. Thrive Holdings says it owns more than 75 companies. It says its approach is to hold businesses for the long term and use artificial intelligence to change how they operate. OpenAI is both a partner and an investor in Thrive Holdings. The firm has acquired businesses in fields including accounting and IT services.

ADT provides a standalone home security service and has partnerships with Google and Apple. Those arrangements allow ADT technicians to sell and install Google Nest devices and Apple’s smart home products. ADT chief executive Jim DeVries said: “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.” The companies have announced the purchase price and expected closing period, but have given no further timetable for taking ADT private.