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STAMFORD, Conn. - Altus Power, Inc. (NYSE: AMPS), a commercial-scale clean electric power provider with a market capitalization of $796 million and impressive gross margins of 76.5%, announced today that its stockholders have approved the company's acquisition by TPG through its TPG Rise Climate Transition Infrastructure strategy. According to InvestingPro data, the company has seen a remarkable 63.7% stock price increase over the past six months. In a special meeting, shareholders voted in favor of the definitive merger agreement, which will result in Altus Power stockholders receiving $5.00 in cash per share of Class A common stock, subject to the terms and conditions of the merger agreement.
Gregg Felton, CEO of Altus Power, expressed gratitude to the stockholders for their support of the transaction, which he believes will unlock significant value for shareholders and enable continued growth in partnership with TPG. The transaction is expected to close on April 16, 2025, pending the satisfaction of customary closing conditions.
The final voting results from the special meeting will be detailed in a forthcoming Current Report on Form 8-K to be filed with the U.S. Securities and Exchange Commission by Altus Power.
Altus Power's business encompasses the development, ownership, and operation of solar generation, energy storage, and charging infrastructure across the United States. The company serves a diverse customer base, including commercial, industrial, public sector, and Community Solar clients. InvestingPro analysis reveals strong revenue growth of 26.5% in the last twelve months, though the company operates with significant debt obligations. Get access to 12 additional ProTips and comprehensive financial analysis with an InvestingPro subscription.
TPG Rise Climate, the dedicated climate investing platform of TPG, a global alternative asset firm, focuses on investments in climate solutions. TPG Rise Climate is part of TPG's $27 billion global impact investing platform and targets investments in clean electrons, clean molecules and materials, and negative emissions. For detailed insights into Altus Power's financial health and future prospects, access the comprehensive Pro Research Report, available exclusively on InvestingPro.
The information presented in this article is based on a press release statement.
In other recent news, Altus Power has announced a definitive acquisition agreement with TPG Rise Climate, valued at approximately $2.2 billion, which includes debt. This all-cash transaction will take Altus Power private, with an acquisition price of $5.00 per share, representing a 66% premium over its previous closing price. The deal is anticipated to close in the second quarter of 2025, pending stockholder and regulatory approvals. UBS recently downgraded Altus Power's stock rating from Buy to Neutral following this acquisition announcement, maintaining a price target of $5.00 per share. Meanwhile, JPMorgan upgraded Altus Power from Underweight to Neutral, citing the takeover offer as reasonable given market conditions and financial projections. Both UBS and JPMorgan expect the acquisition to proceed smoothly, with significant support from major stakeholders. Approximately 40% of Altus Power's Class A common stock is backed by support agreements from key investors like Blackstone and CBRE Group, Inc. The company's Board of Directors has unanimously approved the transaction, recommending stockholders vote in favor of the merger.
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