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Apollo Global Management is prepping an IPO for Boca Raton, Fla.-based-based home security company ADT, as first reported by the WSJ. Registration papers could be filed in the fall, with the listing to occur before year-end.

  • Why it's a big deal: This would be an incredibly quick flip. Apollo purchased ADT just 17 months ago, taking it private for $6.9 billion and then combining it with existing portfolio company Protection One (which itself was created via an Apollo-sponsored merger with ASG Security).
  • Price talk: Reports suggest that Apollo is seeking an enterprise value just north of $15 billion. That figure is notable, because Apollo said the combined ADT-Protection One was worth $15 billion in a statement on the original purchase. But before you think this would be a flat return for Apollo, recall that there already was an $800 million dividend recap earlier this year.

Go deeper

Updated 5 mins ago - Politics & Policy

House passes George Floyd Justice in Policing Act

Photo: Stephen Maturen via Getty Images

The House voted 220 to 212 on Wednesday evening to pass a policing bill named for George Floyd, the Black man whose death in Minneapolis last year led to nationwide protests against police brutality and racial injustice.

Why it matters: The legislation overhauls qualified immunity for police officers, bans chokeholds at the federal level, prohibits no-knock warrants in federal drug cases and outlaws racial profiling.

2 hours ago - Politics & Policy

Senate Republicans plan to exact pain before COVID relief vote

Sen. Ron Johnson. Photo: Stefani Reynolds/Bloomberg via Getty Images

Republicans are demanding a full, 600-page bill reading — and painful, multi-hour "vote-a-rama" — as Democrats forge ahead with their plan to pass President Biden's $1.9 trillion COVID-19 relief package.

Why it matters: The procedural war is aimed at forcing Democrats to defend several parts the GOP considers unnecessary and partisan. While the process won't substantially impact the final version of the mammoth bill, it'll provide plenty of ammunition for future campaign messaging.

The new grifters: outrage profiteers

Illustration: Sarah Grillo/Axios

As Republicans lost the Senate and narrowly missed retaking the House, millions of dollars in grassroots donations were diverted to a handful of 2020 congressional campaigns challenging high-profile Democrats that, realistically, were never going to succeed.

Why it matters: Call it the outrage-industrial complex. Slick fundraising consultants market candidates contesting some of their party’s most reviled opponents. Well-meaning donors pour money into dead-end campaigns instead of competitive contests. The only winner is the consultants.