OpenAI-backed Thrive Holdings acquires ADT

Thrive Holdings, the PE spinout of Thrive Capital that counts OpenAI as a partner and investor, has acquired physical security company ADT for $10 per share, or about $7.6 billion in equity, with a total enterprise value of $15.3 billion. ADT will form the foundation of Thrive Holdings' smart home security business, and the companies said they plan to invest in and release new AI-powered products without specifying them.