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.
Established last year, Thrive Holdings invests in, operates and incubates 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.
ADT, which was founded more than 150 years ago, said the acquisition would support the development of new customer offerings. CEO Jim DeVries said Thrive’s capital and technology expertise would help accelerate innovation and improve the customer experience.
