Kushner's Thrive pays $7.6bn for ADT, backed by Apollo debt

Thrive Holdings is taking ADT private at $10 a share, a 45.6% premium to Tuesday's close, in a deal that values the 150-year-old security company at $7.6 billion in equity and $15.3 billion once you count the debt, as the companies confirmed in their announcement. Apollo Global Management is financing it, leveraged buyout economics wearing an AI-platform costume. ADT brings 6.1 million customers, nationwide technicians and decades of home access that no startup could replicate; Thrive brings OpenAI-adjacent capital and a thesis that monitoring, dispatch and customer service can be automated at scale. Neither side has published a product roadmap. The deal closes in Q1 2027 pending antitrust clearance and a shareholder vote, with a go-shop window open until November 28 that leaves room for a higher bid to emerge.