Our Private Equity Group provides trusted counsel derived from deep industry knowledge to established as well as up-and-coming private equity firms. We represent firms of every size across the spectrum of investment strategies, and we build long-standing relationships with our clients. As active participants in the private equity industry, we are able to advise our clients on the latest innovations, as well as current market practices and trends.
ADT to Receive $1.2 Billion Equity Investment From State Farm
- Client News
- September 6, 2022
Paul, Weiss is advising funds affiliated with Apollo Global Management in a $1.2 billion equity investment by State Farm, the largest insurer of homes in the U.S., in ADT Inc., an Apollo portfolio company and a leading provider of smart home and small business security. Following the close of the transaction, State Farm will own approximately 15% of ADT.
In connection with State Farm’s equity investment, ADT will commence a self-tender offer for up to 133.3 million shares at $9 per share, to be funded by the proceeds from the State Farm equity investment. Apollo is providing a backstop on the self-tender offer from ADT to buy back $1.2 billion of shares. State Farm’s investment is expected to close early in the fourth quarter of 2022, subject to customary closing conditions.
The Paul, Weiss team includes, among others, M&A counsel John Godfrey; finance partners Danielle Penhall, Brad Finkelstein and Gregory Ezring; and capital markets counsel Christodoulos Kaoutzanis.