Apollo Exits ADT as Secondary Offering Prices $102M Share Sale

Event summary

  • ADT priced a secondary offering of 102M shares, all sold by Apollo-affiliated entities.
  • No proceeds will go to ADT; shares represent Apollo's remaining stake in the company.
  • ADT will repurchase 29.1M shares concurrently under its $1.5B buyback plan.
  • Offering expected to close May 5, 2026, with Barclays, Citigroup, Morgan Stanley, Goldman Sachs, and BTIG as book-running managers.

The big picture

This transaction marks Apollo's full exit from ADT, concluding a chapter of private equity involvement in the security services sector. The concurrent share repurchase underscores ADT's commitment to returning capital to shareholders, even as it navigates a competitive smart home market. The move comes amid broader trends of institutional investors recalibrating positions in mature, high-growth-potential industries.

What we're watching

Apollo's Exit
How Apollo's complete divestment will impact ADT's strategic independence and governance dynamics.
Share Repurchase
Whether ADT's aggressive buyback plan signals confidence in operational performance or shareholder pressure.
Market Reaction
The pace at which ADT's stock price adjusts post-offering, given the lack of primary proceeds.