Altus Power, Inc. (AMPS), the commercial-scale provider of clean electric power, Thursday announced that it has agreed to be acquired by TPG Inc. (TPG) for $5.00 per share of its Class A stock in an all-cash deal. The transaction is expected to be completed in the second quarter of 2025.
Shares of Altus Power are increasing by 29% in the pre-market trading.
The deal is through its TPG Rise Climate Transition Infrastructure strategy. The all-cash transaction values the Company at approximately $2.2 billion, including outstanding debt.
Upon the deal closing, Altus Power's Class A stock will be delisted from the New York Stock Exchange, and the company will become private.
The purchase price is 66% higher than Altus Power's closing stock price on October 15, 2024, the last trading day before the company announced its strategic review.
Altus Power expects the partnership to enhance its ability to provide more value to commercial and Community Solar customers by improving access to clean energy.
By leveraging TPG Rise Climate's investment strength and Altus Power's expertise in commercial solar, the company aims to scale its operations faster to meet growing energy demands.
In the pre-market trading, Altus Power is 28.98% higher at $4.94 on the Nasdaq.
In the pre-market trading, TPG is 0.27% higher at $64 on the Nasdaq.
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