ADT down as Apollo cuts stake in secondary offering

ADT

28/10/2024 11:38

** ADT Inc's  ADT.N  shares down 2.7% premarket to $7.67 as
Apollo Global Management  APO.N  to cut stake in the home
security firm
    ** Co says private equity sponsor to offload 56 mln shares
in secondary offering
    ** Also, ADT to repurchase 16 mln shares as part of offering
under its existing $350 mln buyback program
   ** Transactions to take Apollo's holdings to ~367.6 mln
shares, from roughly 50% stake to 44%, per the prospectus filing
    ** Barclays, Citigroup and BTIG acting as bookrunners for
offering
    ** On Thurs, ADT shares rose nearly 18% to close at $8.14
after co raised lower end its FY adj EPS outlook to $0.70-$0.75,
from $0.65-$0.75, vs LSEG estimate of $.69
    ** Through Fri close, shares up 15.5% YTD and up ~35% over
the past 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))