TPG Acquires Altus Power in $2.2B Take-Private Deal
Altus Power, the largest owner of commercial-scale solar in the US, has been acquired by TPG through its TPG Rise Climate Transition Infrastructure strategy for $5.00 per share in an all-cash transaction, valuing the company at approximately $2.2 billion, including outstanding debt.
The purchase price represents a 66% premium to Altus Power’s unaffected closing price on October 15, 2024. Upon completion, Altus Power will become privately held and delist from NYSE. The transaction, expected to close in the second quarter of 2025.
Stamford, CT-based Altus Power anticipates that the partnership with TPG Rise Climate will enhance its commercial and community solar offerings by expanding access to clean electric power.
The Board of Directors of Altus Power has unanimously approved the transaction and will recommend that stockholders vote in favor of the merger agreement. Stockholders representing about 40% of Altus Power’s Class A common stock, including funds managed by Blackstone Credit and Insurance and a subsidiary of CBRE Group, Inc., have already agreed to support the transaction.
“As a private company, Altus Power will be better positioned for continued long-term growth, which we believe will allow us to scale our operations, drive innovation and enhance the value we deliver to our customers,” said Gregg Felton, CEO of Altus Power
Moelis & Company LLC is acting as financial advisor to Altus Power and Latham & Watkins LLP is acting as legal counsel to Altus Power. PJT Partners is acting as financial advisor to TPG Rise Climate and Kirkland & Ellis LLP is acting as legal counsel to TPG Rise Climate.
