ADT issues IPO
According to reports, Boca Raton, Fla.-based ADT has filed an initial public offering (IPO).
Formerly a Tyco property, the company was purchased in 2016 by Apollo Global Management for approximately US$7 Billion with intent to merge it with Protection 1 and ASG Security, operating collectively under the ADT name. The company will trade under the symbol ADT on the New York Stock Exchange. The Wall Street Journal reported that the company’s valuation could top US$15B.
According to an article published by the South Florida Business Journal:
ADT plans to use some of the proceeds from the IPO to redeem securities issued by Koch Industries Inc. that were issued in May 2016, according to the filing with the SEC. For the first nine months of 2017, ADT had $3.2 billion in total revenue, but a net loss of $295.5 million.
In September, ADT merged with Chicago-based Protection 1 Security Solutions, one of its competitors. At the time, ADT employed more than 17,000 people across 200 locations, while Protection 1 employed more than 4,000 people across 90 offices.
Read the full article here.
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