Clean electrification company Altus Power and CBRE Acquisition Holdings today announced a definitive agreement for a business combination. The pro forma implied equity value of the combined company is $1.58 billion at the $10 per share price in the transaction, and assuming no redemptions by the SPAC’s public stockholders.
If approved, Altus would list on the NYSE under AMPS.
Headquartered in Greenwich, Connecticut, Altus Power is currently wholly-owned by its management team and Blackstone Credit
The SPAC is sponsored by CBRE Group, the world’s largest commercial real estate services firm.
The transaction is anticipated to generate gross proceeds of up to approximately $678 million of cash, assuming no redemptions. Proceeds include a $275 million fully-committed common stock PIPE anchored by CBRE Group and existing investors, including Altus Power management and Blackstone Credit, as well as new investors, including ValueAct Capital, Liberty Mutual Investments and other leading institutional investors.
The SPAC in a press release said its sponsor economics are tied to the long-term performance of Altus Power. CBRE receives no upfront sponsor shares but instead earns its incentive as Altus Power shares appreciate in value over time. Read more.
