ADT Completes Sale of Commercial Business
02 Octobre 2023 - 10:15PM
ADT Inc. (NYSE: ADT), the most trusted brand in smart home and
small business security, today completed the previously announced
divestiture of its commercial security, fire, and life safety
business unit to GTCR, a leading private equity firm, for a
purchase price of $1.6 billion, subject to customary purchase price
adjustments.
The net proceeds of approximately $1.5 billion significantly
reduced the Company’s net debt and leverage upon today’s closing.
All net proceeds will be used for debt redemptions and repayments,
expected to occur during the current quarter.
As previously announced, the commercial business unit will be
reported as discontinued operations beginning in the third quarter
of 2023 for current and historical periods. The Company will
provide further information as part of its upcoming third quarter
2023 earnings conference call.
About ADT Inc.ADT provides
safe, smart and sustainable solutions for people, homes and small
businesses. Through innovative offerings, unrivaled safety, and a
premium customer experience, all delivered by the largest network
of smart home security and rooftop solar professionals in the U.S.,
we empower people to protect and connect to what matters most. For
more information, visit www.adt.com.
ADT contacts:Elizabeth
LandersInvestor Relations elizabethlanders@adt.com 888-238-8525
Paul WisemanMedia Relations
paulwiseman@adt.com561-356-6388
Forward-looking
statements ADT has made statements in this press
release that are forward-looking and therefore subject to risks and
uncertainties, including those described below. All statements,
other than statements of historical fact, included in this document
are, or could be, “forward-looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995 and the
applicable rules and regulations of the Securities and Exchange
Commission (the “SEC”) and are made in reliance on the safe harbor
protections provided thereunder. These forward-looking statements
relate to, among other things, the transaction between ADT and
GTCR, and the benefits and synergies of the transaction; the
Company’s ability to reduce debt or improve leverage ratios, or to
achieve or maintain its long-term leverage goals; the Company’s
financial results and guidance metrics taking into account the
impact of the transaction; any stated or implied outcomes with
regards to the foregoing; and other matters. Without limiting the
generality of the preceding sentences, any time the Company uses
the words “expects,” “intends,” “will,” “anticipates,” “believes,”
“confident,” “continue,” “propose,” “seeks,” “could,” “may,”
“should,” “estimates,” “forecasts,” “might,” “goals,” “objectives,”
“targets,” “planned,” “projects,” and, in each case, their negative
or other various or comparable terminology, and similar
expressions, the Company intends to clearly express that the
information deals with possible future events and is
forward-looking in nature. However, the absence of these words or
similar expressions does not mean that a statement is not
forward-looking. These forward-looking statements are based on
management’s current beliefs and assumptions and on information
currently available to management. ADT cautions that these
statements are subject to risks and uncertainties, many of which
are outside of ADT’s control, and could cause future events or
results to be materially different from those stated or implied in
this document, including among others, factors relating to the
effect of the announcement of the transaction on ADT’s ability to
retain and hire key personnel and to maintain relationships with
customers, suppliers and other business partners; risks related to
diverting management’s attention from ADT’s ongoing business
operations; uncertainties as to ADT’s ability and the amount of
time necessary to realize the expected benefits of the transaction;
risks to the Company’s ability to pay down a sufficient amount of
debt to achieve a desired leverage ratio and to the Company’s
ability to continue its operations without having to increase its
debt level in the future; risks to the Company achieving any
financial benefit or improved guidance metrics taking into account
the impact of the transaction; and risks that are described in the
Company’s Amended Annual Report, Quarterly Reports on Form 10-Q,
Current Reports on Form 8-K, and other filings with the SEC,
including the sections titled “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” contained therein. Any forward-looking statement made
in this press release speaks only as of the date on which it is
made. ADT undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future developments, or otherwise.
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