Thrive Holdings to buy home security firm ADT in $15.3 billion deal

ADT, a physical security and smart home provider, agreed to be acquired by OpenAI-backed Thrive Holdings for $10 per share in cash, an equity value of about $7.6 billion and an enterprise value of $15.3 billion, the companies announced on Thursday, October 29, 2026. The Financial Times reported the deal as Josh Kushner's Thrive Holdings buying the home security firm.

Thrive Holdings, which grew out of Josh Kushner's venture firm Thrive Capital, is a permanent capital holding company, and OpenAI holds an equity stake in it. The firm says its portfolio includes more than 75 companies in accounting, IT services, and the built environment, such as accounting firm Current and IT services firm Shield. OpenAI said in December 2025 that it took the stake as part of a partnership to place research, product, and engineering teams inside Thrive companies and improve speed, accuracy, and cost efficiency, starting with accounting and IT services.

The buyer plans to make ADT the foundation of a smart home security business, and its engineering teams will work with ADT employees to identify where technology can improve products and services. In its announcement, Thrive Holdings said new technology could cut false alarms, provide monitoring teams with more detailed notifications, and detect equipment problems earlier. ADT has operated for more than 150 years and has a nationwide installation and service network supporting equipment in millions of homes, according to Thrive's announcement.

ADT's chairman, president and chief executive Jim DeVries said the transaction "recognizes the value built by our more than 12,000 employees and delivers an attractive cash premium to our stockholders." Thrive Holdings partner Kareem Zaki said the firm intends to improve ADT's technology and product capabilities, and it has the capital and patience for long-term investment.

According to the companies, the $10 per share cash price is 45.6 percent above ADT's unaffected closing price on October 27, 2026, of $6.87, and 52.1 percent above the volume-weighted average share price over the prior 30 days. ADT's board unanimously approved the merger agreement.

The merger agreement gives ADT a 30-day go-shop window until 11:59 p.m. in New York on November 28, 2026, to solicit other bids with the help of its financial advisors. Parties that make proposals in that initial period could get an additional 10 days, and ADT may end the merger agreement to accept a better offer. Funds managed by affiliates of Apollo Global Management are providing all financing commitments, and there is no financing contingency.

The companies expect closing in the first quarter of 2027, subject to customary conditions, ADT stockholder approval, and U.S. antitrust clearance. After the deal closes, ADT will be taken private and its common stock will no longer trade on the New York Stock Exchange; until then, the company will keep operating independently.

OpenAI supplies AI models, technology, and forward-deployed engineers to Thrive's companies, according to TechCrunch. The acquisition comes as Apple has introduced smart home products with LG and Schneider Electric, Amazon has updated its smart home line with new AI-powered cameras, and some startups are selling AI dog robots as roving security guards, TechCrunch reported.

The companies said ADT's data protection and privacy policies will stay as they are, and customer data will not be shared in new ways without permission. Thrive Holdings partner Anuj Mehndiratta said the firm pledges to uphold strong privacy and cybersecurity standards for the data customers entrust to ADT.