Key Takeaways
- • Thrive Holdings, the permanent capital investment vehicle established by Joshua Kushner's Thrive Capital Management, has agreed to acquire home security provider ADT in a $7.6bn all-cash transaction, according to Bloomberg.
- • The $10 per share offer represents a premium of nearly 46% to ADT's closing price on 27 October and values ADT at $15.3bn including debt.
- • Funds managed by affiliates of Apollo Global Management provided financing for the transaction.
- • Thrive Holdings, established last year, invests in, operates and incubates businesses applying artificial intelligence to traditional service industries, including accounting, and its permanent capital structure allows it to hold assets longer than conventional private equity funds.
- • ADT CEO Jim DeVries said Thrive's capital and technology expertise would accelerate innovation and improve the customer experience.
Summary
Thrive Holdings, the permanent capital investment business established by Joshua Kushner's Thrive Capital Management, has agreed to acquire home security provider ADT in a $7.6bn all-cash transaction, according to a report by Bloomberg. The offer of $10 per share represents a premium of nearly 46% to ADT's closing price on 27 October and values the business at $15.3bn including debt.
Funds managed by affiliates of Apollo Global Management provided financing for the transaction, a detail that highlights the role of large alternative asset managers in backing take-private deals of this scale.
Thrive Holdings was established last year to invest in, operate and incubate businesses seeking to apply artificial intelligence to traditional service industries, including accounting. Its permanent capital structure allows it to hold businesses over longer periods than conventional private equity funds, a feature that distinguishes it from the fund-based model that typically governs buyout activity.
ADT, which was founded more than 150 years ago, said the acquisition would support the development of new customer offerings. Chief Executive Jim DeVries said Thrive's capital and technology expertise would help accelerate innovation and improve the customer experience.
Funds managed by affiliates of Apollo Global Management provided financing for the transaction, a detail that highlights the role of large alternative asset managers in backing take-private deals of this scale.
Thrive Holdings was established last year to invest in, operate and incubate businesses seeking to apply artificial intelligence to traditional service industries, including accounting. Its permanent capital structure allows it to hold businesses over longer periods than conventional private equity funds, a feature that distinguishes it from the fund-based model that typically governs buyout activity.
ADT, which was founded more than 150 years ago, said the acquisition would support the development of new customer offerings. Chief Executive Jim DeVries said Thrive's capital and technology expertise would help accelerate innovation and improve the customer experience.
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