Jul 21, 2017

Reports: Home security co. ADT preps IPO

Dan Primack, author of Pro Rata

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.

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Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 5,923,432— Total deaths: 364,836 — Total recoveries — 2,493,434Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 1,745,930 — Total deaths: 102,808 — Total recoveries: 406,446 — Total tested: 16,099,515Map.
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  4. 2020: North Carolina asks RNC if convention will honor Trump's wish for no masks or social distancing.
  5. Business: Fed chair Powell says coronavirus is "great increaser" of income inequality.
  6. 1 sports thing: NCAA outlines plan to get athletes back to campus.