ADT Inc. (ADT): M&A transaction — ADT completes $1.6B sale of commercial business to GTCR; uses proceeds to cut debt

ADT Inc.

Closed commercial security, fire, and life safety divestiture to GTCR for gross cash of $1.6125B.
Net proceeds of ~$1.5B will redeem First Lien Term Loan due 2026 and First Lien Notes due 2024.
Commercial business classified as discontinued operations beginning Q3 2023.
EVP Commercial Daniel M. Bresingham resigned upon closing on October 2, 2023.

item 2.01 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Daniel M. Bresingham

Executive Vice President, Commercial

ADT · ADT Inc.

Effective: 2023-10-02
Filed: October 2, 2023, 7:59 PM ET

Concurrent with the closing of the Commercial Divestiture on October 2, 2023, Mr. Daniel M. Bresingham, Executive Vice President, Commercial, resigned from his position as an executive officer of the Company.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Daniel M. Bresingham resigned as Executive Vice President, Commercial at ADT Inc..

Action: resigned
Role: Executive Vice President, Commercial

Exact text from the filing

Concurrent with the closing of the Commercial Divestiture on October 2, 2023, Mr. Daniel M. Bresingham, Executive Vice President, Commercial, resigned from his position as an executive officer of the Company.

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

ADT Inc. completed a disposition involving GTCR LLC (through Iris Buyer LLC) for $1,612.5 million in cash (closed 2023-10-02).

Action: disposition
Counterparty: GTCR LLC (through Iris Buyer LLC)
Consideration: $1,612.5 million in cash
Closing: 2023-10-02

Exact text from the filing

On October 2, 2023, and pursuant to the Commercial Purchase Agreement, GTCR acquired all of the issued and outstanding equity interests of F&S Holdings (the "Commercial Divestiture"). The gross purchase price was $1,612.5 million in cash, subject to certain customary adjustments as set forth in the Commercial Purchase Agreement.

View on SEC.gov

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ADT Inc. filing history →

Source: SEC EDGAR

accession 0001703056-23-000168

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