ADT stock surges to 5-year high after Thrive Holdings agrees to $7.6 billion buyout deal

Home security company ADT ( ADT ) agreed on Thursday to be acquired and taken private by Thrive Holdings in an all-cash deal that values the company at $7.6 billion.

Thrive Holdings will pay $10 per share in cash for ADT, representing a 45.6% premium over ADT stock's closing price on Oct. 27.

ADT stock soared 34% to around $9.93 per share on the news, putting it on pace for its highest close since August 2021.

Thrive Holdings is a private capital group founded by Josh Kushner and backed by OpenAI ( OPAI.PVT ), focused on acquiring enterprise businesses for the long term and advancing their artificial intelligence and technological capabilities.

Thrive currently operates 75 businesses across accounting, IT services, and the built environment.

"ADT has spent generations showing up for people when it matters most," Thrive Holdings partner Kareem Zaki said in a press release . "We intend to build on that foundation by strengthening ADT's technology and product capabilities, with the capital and patience to invest over decades. Our ambition is to help ADT's teams better serve customers and offer a seamless service with more actionable information for the professionals responding."

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