BUZZ-ADT slides as Apollo to chop stake in secondary offering

Shares of home security firm ADT Inc ADT.N down 5.7% premarket to $7.72 after secondary offering launched

Boca Raton, Florida-based firm says entities managed by Apollo Global Management APO.N to offload 70 mln shares

Also, ADT to concurrently purchase 20 mln of the offering's shares from the underwriters as part of its existing repurchase program

Transactions would take private equity giant Apollo's stake from ~43.7% to 36.1%, or ~289.2 mln shares

With ~876.5 mln total shares outstanding, ADT has ~$7.2 bln market cap

Barclays, Citigroup, Morgan Stanley, Goldman Sachs and BTIG are bookrunners for offering

On Thurs, ADT shares hit 2-yr high after co posted Q4 beat, citing records for recurring monthly rev and customer retention, and unveiled $500 mln stock buyback

Through Fri close, shares up 18.5% YTD

ADT went public in 2018 IPO priced at $14, after Apollo bought the co in 2016 for ~$7 bln