ADT closes $1.2B equity investment by State Farm; appoints State Farm COO to board

ADT Inc.

Issued 133.3M shares to State Farm at $9/sh for $1.2B; proceeds to fund $9/sh tender offer for up to 133.3M shares.
State Farm commits $300M to opportunity fund for product innovation, customer growth, and marketing; first $100M funded.
Expects non-cash charge of $145M–$160M in Q3 2022 from fair value adjustment of tender offer liability.
Paul Smith, State Farm EVP & COO, appointed to ADT Board as Class II director, term expiring 2025.

item 1.01 item 2.02 item 3.02 item 5.02 item 7.01 item 9.01

Executive movements

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Appointed

Paul Smith

Director

ADT · ADT Inc.

Filed: October 13, 2022, 7:59 PM ET

appointed Paul Smith, Executive Vice President and Chief Operating Officer of State Farm Mutual Automobile Insurance Company, the Investor’s parent entity, as a member of the Board to serve as a Class II director

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Paul Smith was appointed as Director at ADT Inc..

Action: appointed
Role: Director

Exact text from the filing

appointed Paul Smith, Executive Vice President and Chief Operating Officer of State Farm Mutual Automobile Insurance Company, the Investor’s parent entity, as a member of the Board to serve as a Class II director

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ADT Inc. filing history →

Source: SEC EDGAR

accession 0001193125-22-261887

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