TPG to Acquire Altus Power in a $2.2 Billion All-Cash Deal

TPG Inc. (TPG) entered a merger agreement on February 6, 2025, to acquire solar power provider Altus Power, Inc. (AMPS) in an all-cash deal valued at $2.2 billion.

Deal Structure:

As per the terms of the agreement, Altus Power will be acquired by TPG through its TPG Rise Climate Transition Infrastructure strategy for $5 per share of its Class A common stock in an all-cash transaction. The deal represents a premium of 30.55% from the stock’s last close.

Company Profile:

Altus Power is a clean electrification company based in Stamford, Connecticut, providing on-site solar generation, energy storage, EV charging, and Community Solar solutions for commercial, industrial, and public sector customers nationwide.

TPG Rise Climate is TPG’s climate investing strategy, focusing on scaling innovative solutions in clean energy, sustainable materials, and carbon reduction.

Deal Details and Timeline:

Altus’ stock was trading at $3.55 per share in December before reports of  TPG’s talks with Altus Power were made public.

TPG will be taking Altus Power private through this deal, which is expected to close in the second quarter of 2025.

Stockholders holding about 40% of Altus Power’s Class A common stock, including funds managed by Blackstone Credit and Insurance as well as a CBRE Group subsidiary, have entered a voting and support agreement backing the transaction.

Altus Power plans to keep its headquarters in Stamford, Connecticut.

In this transaction, Moelis & Co. served as financial advisor to Altus Power, while Latham & Watkins provided legal counsel. TPG was advised financially by PJT Partners, with Kirkland & Ellis acting as their legal counsel.

TPG is purchasing Altus Power at 21.72 times its EBITDA.

Deal Metrics:

For more in-depth analysis and details regarding this merger and acquisition transaction, please visit the Deal Metrics page:

Deal Metrics for the acquisition of Altus Power, Inc. (AMPS) by TPG Inc. (TPG)

Each merger or acquisition Deal Metrics page includes:

• A chart detailing the spread history of the merger from the announcement to completion or failure.
• A timeline of events as the merger progresses through regulatory approvals, HSR period expiration, shareholder votes, etc.
• News and SEC filings updates.
• A record of deal updates.
• And much more.

Disclaimer: This article is intended for informational purposes only. Please perform your own due diligence before purchasing or selling any securities mentioned in this article. The completeness or accuracy of the content or data provided in this article is not guaranteed.

Editor’s Note: Baranjot Kaur contributed to this article