FOLLOW US

Dallas-based tax services and software provider Ryan announced Tuesday a definitive agreement to acquire the property tax business of Altus Group Ltd. for CA$700 million ($513.4 million). This significant Ryan and Altus $513M tax deal is set to expand Ryan’s operations in Canada, the U.S., and the U.K., leveraging the expertise of three key firms in the process.

Ryan and Altus $513M Tax Deal : Legal Advisors and Deal Structure

The Ryan and Altus $513M tax deal enlisted five principal legal advisers. Kirkland & Ellis LLP, Goodmans LLP, and Arnold & Porter Kaye Scholer LLP represented Ryan, while Stikeman Elliott LLP and Cravath Swaine & Moore LLP provided counsel to Altus. This all-cash transaction includes Altus' property tax services and software offerings across the three countries.

As part of the agreement, Ryan committed to a subscription with Altus Market Insights worth CA$5 million annually for three years.

Strategic Benefits and Statements from Leadership

"This acquisition will provide benefits for both Altus's property tax clients and Ryan's global clients from bolstered local expertise powered by industry-leading technologies," said G. Brint Ryan, chair and CEO of Ryan. "Altus has built an impressive property tax business that is highly regarded as a trusted advisor in the industry, and we believe our clients will enjoy many enhanced benefits from our combined platform."

In 2023, Altus’ property tax business generated revenues of CA$263 million. The Ryan and Altus $513M tax deal promises to merge this strong performance with Ryan's extensive global network.

Altus' Strategic Moves and Future Focus

Altus announced in a separate statement its plans to use the deal proceeds to invest in its analytics business unit, initiate a CA$250 million share buyback program, and pay down debt. Jim Hannon, CEO of Altus, emphasized that the transaction will enable Altus to concentrate on other core growth opportunities.

"This transaction allows Altus Group to focus on the substantial growth opportunities in our core Analytics business while ensuring our property tax clients will continue to be well serviced by Ryan's leading capabilities," Hannon said. "We believe Ryan is the best strategic fit for our Property Tax business, and we're confident our clients will benefit from the expanded tax service offerings Ryan can provide them."

Key Legal Teams

The Kirkland team leading the Ryan and Altus $513M tax deal included corporate partners Melissa Kalka, Doug Bacon, and Garett Morin; debt finance partners Rachael Lichman, Tom Dobleman, and Purun Cheong; and tax partners David Wheat, Joe Tobias, and Ed Moberly. Additional details on the deal team were not immediately available.