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Savino Anthony, the cofounder and Chief Construction Officer of Altus Power , Inc. (NYSE:AMPS), recently sold 29,748 shares of the company’s Class A common stock. The shares were sold at a price of $4.96 each, amounting to a total transaction value of approximately $147,550. This sale was executed to satisfy tax withholding obligations through a "sell to cover" transaction, rather than as a discretionary trade. Following the transaction, Anthony retains ownership of 4,030,459 shares in the company. Altus Power, based in Stamford, Connecticut, operates in the electric services industry.
In other recent news, Altus Power has announced that its shareholders have approved the company's acquisition by TPG through its TPG Rise Climate Transition Infrastructure strategy. The acquisition, valued at approximately $2.2 billion, will result in Altus Power stockholders receiving $5.00 in cash per share of Class A common stock. UBS has downgraded Altus Power's stock rating from Buy to Neutral, following the announcement of the acquisition, maintaining a price target of $5.00. Meanwhile, JPMorgan has upgraded its rating from Underweight to Neutral, setting a year-end 2025 price target of $5.00, citing the takeover offer's alignment with current market conditions.
The acquisition is expected to close in the second quarter of 2025, pending stockholder approval and customary closing conditions. Approximately 40% of Altus Power's Class A common stock is already backed by support agreements related to the acquisition. The deal represents a 66% premium over Altus Power's unaffected closing price on October 15, 2024, and is anticipated to enhance the company's commercial and Community Solar offerings. Altus Power's Board of Directors has unanimously approved the transaction, recommending stockholders vote in favor of the merger agreement.
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