Apollo Commits $9.65 Billion Private Credit Package for ADT Acquisition
Key Facts
Apollo has committed to lead a $9.65 billion private credit package to support Thrive Holdings’ acquisition of ADT, according to Octus on October 29, 2026. The package comes as Thrive seeks separate bank financing for the deal, making Apollo’s commitment a backstop if the bank loan arrangement succeeds. Reuters said the deal is worth about $15 billion and that Apollo will provide its financing. The financing structure therefore combines a committed private credit package with a bank financing track still being arranged. It reflects the scale of financing Apollo is putting behind the deal, while use of the private credit package remains tied to the outcome of Thrive’s efforts with banks.
Apollo’s package totals $9.65 billion and consists of a $6.25 billion term loan, a $2.7 billion delayed-draw term loan and a $700 million revolving credit facility. The structure separates financing available as a term loan from delayed-draw financing and a revolving credit line. Octus said the package is committed and led by Apollo, distinguishing it from the bank loans Thrive is still seeking to arrange. If the roughly $9.6 billion in bank financing succeeds, Apollo’s package is not expected to be used and will remain a backstop. The two package values therefore do not represent confirmed cumulative financing for the deal, but alternative paths depending on how the bank financing develops.
The figures followed the announcement of the acquisition, which sent ADT shares up about 34%, according to Octus. The stock was trading at $9.92 on October 29, 2026, at 11:10 a.m. Eastern Time. That price reflects the move recorded at the time of Octus’s report following the announcement, while Reuters said the deal would return the security services company to private ownership at a value below its 2018 initial public offering valuation. Reuters valued the deal at about $15 billion and said Apollo would provide the financing. This background places the financing commitment within an acquisition that will return ADT to private ownership, with the final financing structure dependent on Thrive’s success in arranging bank loans.
Apollo reported third-quarter results on November 3, 2026, the day of the story, saying its assets under management reached $1.074 trillion on September 30, compared with $1.05 trillion on June 30. The statement put assets at about $1.07 trillion at the end of September. Chief Executive Mark Rowan said investment origination reached a record $114 billion during the quarter and exceeded $350 billion over the 12 months, with customer inflows of $270 billion over the same period. These figures provide context for the scale of Apollo’s business when it announced its financing commitment related to the ADT deal. In a separate comment on the results, the company attributed its accounting loss in the quarter mainly to unrealized losses from revaluing investments in its retirement services business as interest rates rose.
Apollo said its public call to review third-quarter results would be held on November 3, 2026, at 8:30 a.m. Eastern Time. The call was scheduled for the day the results were released, while details of ADT acquisition financing involved two tracks: a committed private credit package led by Apollo and a bank loan package Thrive is seeking to arrange. According to Octus, Apollo’s commitment is not expected to be used if Thrive succeeds in securing financing from banks. If the bank financing track does not succeed, Apollo’s package remains a backstop for the deal. The deal is valued at about $15 billion, according to Reuters.