ADT’s $15.3 Billion Acquisition by Thrive Holdings

On October 29, 2026, ADT Inc. ("ADT"), a leading provider of security, interactive and smart home solutions serving residential and small business customers in the U.S., and Thrive Holdings, a permanent capital holding company focused on investing in established businesses and advancing their capabilities through technology, announced a definitive agreement under which Thrive Holdings will acquire ADT in an all-cash transaction. The agreement values ADT at approximately $7.6 billion in equity value and $15.3 billion in enterprise value. Under the terms of the agreement, which ADT's Board of Directors unanimously approved, ADT stockholders will receive $10.00 per share in cash upon completion. Following completion, ADT will become privately held and its common stock will cease trading on the New York Stock Exchange. Cravath is representing ADT in connection with the transaction.

The Cravath team is led by partners Robert I. Townsend III, Michael E. Mariani and Jin-Kyu Baek and includes associates Monica He, Ceara Maria Burns and Jessica L. Rollén on M&A matters; partners George E. Zobitz and Christopher J. Kelly and associate Julia H. Spencer on banking matters; partner C. Daniel Haaren and associate Q. Cindy Yuan on capital markets matters; partner J. Leonard Teti II and associate Andrew Stone on tax matters; partner Matthew J. Bobby, of counsel Sarah W. Colangelo and associate Caroline Wyatt on executive compensation and benefits matters; partner Sasha Rosenthal-Larrea, of counsel Kathryn-Ann Stamm and associate Rohan Sagar Naik on intellectual property matters; partner Noah Joshua Phillips, of counsel Lauren M. Rackow and associate Worthy M. Cho on antitrust matters; of counsel Lisa M. Kohl on corporate governance matters; of counsel Annmarie M. Terraciano on environmental matters; and of counsel Joyce Law and practice area attorney Lauren Piechocki on real estate matters. James Chang also worked on M&A matters, John Camuso worked on executive compensation and benefits matters, and Cameron A. McDougal worked on corporate governance matters.