ADT (ADT) stock was up on Tuesday followings news that it will be acquired by Apollo Global (APO).
ADT will be acquired by Apollo Global for $42 per share in cash. This values the company at $15 billion and is a 56% premium over its trading price at the close of the market on Friday. The deal has been unanimously approved by the company’s Board of Executives.
The deal includes a period of 40 days when the company can solicit and review offers made by other groups. This deal will have it merging with Apollo Global’s Prime Security Services Borrower subsidiary once it’s completed.
The deal between ADT and Apollo Global still needs approval from shareholders and regulators. It’s expected to close during June of this year.
ADT shares were up 49% and APO shares were up 3% as of Tuesday morning.
More From InvestorPlace:
