ADT - ADT Completes Sale of Commercial Business | Benzinga
BOCA RATON, Fla., Oct. 02, 2023 (GLOBE NEWSWIRE) -- ADT Inc. (NYSE:ADT), the most trusted brand in smart home and small business security, today completed the previously announced divestiture of its commercial security, fire, and life safety business unit to GTCR, a leading private equity firm, for a purchase price of $1.6 billion, subject to customary purchase price adjustments.
The net proceeds of approximately $1.5 billion significantly reduced the Company's net debt and leverage upon today's closing. All net proceeds will be used for debt redemptions and repayments, expected to occur during the current quarter.
As previously announced, the commercial business unit will be reported as discontinued operations beginning in the third quarter of 2023 for current and historical periods. The Company will provide further information as part of its upcoming third quarter 2023 earnings conference call.
About ADT Inc.
ADT provides safe, smart and sustainable solutions for people, homes and small businesses. Through innovative offerings, unrivaled safety, and a premium customer experience, all delivered by the largest network of smart home security and rooftop solar professionals in the U.S., we empower people to protect and connect to what matters most. For more information, visit www.adt.com.
ADT contacts:
Elizabeth Landers
Investor Relations
elizabethlanders@adt.com
888-238-8525