CBRE Acquisition Holdings Files Prelim Proxy on $1.6B Altus Power Deal

CBRE Acquisition Holdings

CBRE Acquisition filed an S-4 registration statement outling terms of its proposed merger with clean electrification company Altus Power.

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.

Announced last month, 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 institutional investors. Read more.

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