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July 14, 2021updated 21 Jul 2022 9:12am

Altus Power to become publicly traded in $1.58bn merger deal

Altus Power will use the gross proceeds from the deal to fund its growth initiatives and strengthen its balance sheet.

By Umesh Ellichipuram

US-based power company Altus Power has announced a $1.58bn definitive merger agreement with special purpose acquisition company CBRE Acquisition Holdings (CBAH), sponsored by CBRE Group.

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The deal will allow Altus Power to become a public company listed on the New York Stock Exchange.

The deal is expected to generate gross proceeds of almost $678m in cash for the company, which it will use to fund its growth initiatives and strengthen its balance sheet.

The proceeds also include a $275m fully committed common stock private investment in public equity (PIPE) anchored by CBRE Group and other investors.

These include existing investors such as Altus Power’s management and Blackstone Credit, as well as new investors such as ValueAct Capital and Liberty Mutual Investments.

Under the deal, Altus Power’s leadership will continue as co-CEOs of the combined company.

The combined company’s Board of Directors will include representation from Altus Power, CBRE, Blackstone Credit and ValueAct Capital. The board will have a majority of independent directors.

The deal is expected to be completed in the fourth quarter of this year subject to customary closing conditions, including the approval of CBAH’s stockholders.

Altus Power director and co-CEO Lars Norell said: “The CBRE partnership we are announcing today, through the proposed combination with CBAH, will allow us to leverage the strength and reach of the world’s largest real estate services company, along with Blackstone’s exceptional, long-standing sponsorship.

“This will further enhance our ability to serve corporate and public clients with onsite clean energy generation and storage.”

Altus Power offers localised solar generation, energy storage and electric vehicle charging stations across the US. It is currently owned by its management team and Blackstone Credit.

Since its foundation in 2009, the company has built or acquired more than 200 distributed generation solar facilities, with more than 265MW of collective capacity.

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Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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