ADT $1.2 billion cash tender offer for stock
The company’s shares are traded on the NYSE
Davis Polk advised the dealer manager in connection with a cash tender offer by ADT Inc. to purchase for cash up to 133,333,333 shares of its common stock, including shares issuable upon conversion of shares of its Class B common stock, at a purchase price of $9.00 per share, less any applicable withholding taxes and without interest, representing an aggregate purchase price of $1.2 billion. ADT Inc. accepted for payment an aggregate of 133,333,333 shares.
ADT Inc. is a leading provider of security, interactive and smart home solutions serving residential, small business and commercial customers in the United States. With the acquisition of Sunpro Solar in December 2021, ADT Inc. is now also a leading provider of residential solar solutions. ADT serves its customers through its nationwide sales and service offices; monitoring and support centers; and a large network of security, home automation and solar-installation professionals in the United States.
The Davis Polk capital markets team included partner Richard D. Truesdell Jr. and associate Arisa Akashi Sin. The tax team included partner Kara L. Mungovan and associate Ted Lee. All members of the Davis Polk team are based in the New York office.