Security firm ADT's commercial unit to be taken private by GTCR for $1.6 bln (updated)

ADT

08/08/2023 12:22

(Adds details on the deal, share movement)
       Aug 8 (Reuters) - Home and small business security firm
ADT  ADT.N  said on Tuesday it will sell its commercial
security, fire and life safety unit to private equity firm GTCR
for $1.6 billion.
    ADT expects to use the net proceeds of about $1.5 billion
from the deal to cut debt. Its shares rose as much as 1.3% in
premarket trading.
    "This transaction is mutually beneficial for ADT and ADT
Commercial, which will benefit from GTCR's support and
expertise," ADT CEO Jim DeVries said. 
    The sale is expected to close in the fourth quarter of 2023.

 (Reporting by Aishwarya Jain; Editing by Savio D'Souza and Arun
Koyyur)
 ((Aishwarya.Jain@thomsonreuters.com;))