TPG, through its TPG Rise Climate Transition Infrastructure strategy, has completed its acquisition of Altus Power.
The all-cash transaction valued the Company at approximately US$2.2bn, including outstanding debt.
As a result of the transaction, Altus Power is now a privately-held company after being listed on the New York Stock Exchange.
Gregg Felton, chief executive of Altus Power, said: “The successful close of this transaction marks a pivotal moment for Altus Power, our stockholders, employees and partners.
“By partnering with TPG Rise Climate Transition Infrastructure, who shares our long-term vision for the future of clean energy, we believe we are unlocking significant value for our stockholders and accelerating our long-term growth strategy.
“As demand for power continues to rise, businesses, utilities and communities are desperate for scalable, grid-enhancing solutions that generate incremental power in locations where it’s needed.
“We expect this partnership to strengthen our ability to deliver clean energy faster and at greater scale, positioning Altus to lead the next phase of clean energy expansion.”
Under the terms of the transaction, Altus Power stockholders will receive US$5.00 in cash, without interest and minus any applicable withholding taxes, for each share of Altus Power Class A common stock owned immediately prior to the closing of the transaction.
The transaction was initially announced on 6 February 2025, and received approval from the Company’s stockholders on 9 April 2025.
As a result of completion of the transaction, the Company’s Class A common stock ceased trading prior to the opening of trading on 16 April 2025 and will be removed from listing on the New York Stock Exchange.
With the delisting from the New York Stock Exchange, Altus Power also intends to terminate the registration of its Class A common stock and suspend its reporting obligations under the Securities Exchange Act of 1934.
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.