ADT tumbles as Apollo to sell 55 mln shares in secondary offering

ADT

06/03/2024 21:45

** Shares of ADT Inc  ADT.N  down 9.6% at $6.75 in extended
trading as Apollo Global Management  APO.N  to cut its stake in
the home and small business security firm
    ** ADT launches 55 mln share offering by private equity
sponsor Apollo
    ** In addition, ADT to repurchase 15 mln shares as part of
the offering under its existing $350 mln buyback program
    ** Apollo owns ~498.3 mln ADT shares for ~57% stake, per the
SEC prospectus filing
    ** ADT shares on Weds closed up 0.7% at $7.47. Stock has
risen 9.5% YTD
    ** Morgan Stanley, Barclays, Apollo Global Securities and
RBC are bookrunners for the offering
    ** ADT went public in Jan 2018 after its IPO priced at $14

 (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))