BOCA RATON, Fla. - ADT Inc. (NYSE:ADT), a provider of security solutions, announced today that entities managed by affiliates of Apollo Global Management (NYSE:APO), Inc. are initiating a secondary public offering of 55 million shares of ADT's common stock. Alongside this, ADT has declared its intention to repurchase 15 million shares as part of the same offering, which will be executed under its existing $350 million share repurchase program.
The secondary offering includes an option for underwriters to purchase up to an additional 8.25 million shares from the selling stockholders. ADT, however, will not be selling any shares nor will it receive proceeds from the offering by the Apollo-managed entities.
This repurchase is contingent on the completion of the secondary offering, and the underwriters, which include Morgan Stanley (NYSE:MS), Barclays (LON:BARC), Apollo Global Securities, and RBC (TSX:RY) Capital Markets, will not receive underwriting fees for the shares bought back by the company.
The sale of shares is being made under an effective shelf registration statement, including a prospectus, filed with the Securities and Exchange Commission (SEC). A preliminary prospectus supplement related to the offering has also been filed with the SEC. Potential investors are encouraged to read these documents, which are available on the SEC's website, for more information about ADT and the offering.
ADT's decision to repurchase shares aligns with its strategy to manage capital and deliver value to shareholders. The company specializes in smart home security solutions, leveraging a network of professionals across the U.S. to provide services to homes and small businesses.
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