CBRE Acquisition Holdings in an 8-K filing included an analyst presentation highlighting 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.
The transaction is anticipated to generate gross proceeds of up to approximately $678 million of cash, assuming no redemptions. Read more.