Kirkland & Ellis LLP-advised TPG has agreed to acquire Latham & Watkins LLP-guided Altus Power in a deal valuing the Stamford, Connecticut-based solar energy provider at approximately $2.2 billion, including debt, Altus announced Thursday.
TPG, executing the purchase through its TPG Rise Climate Transition Infrastructure strategy, will pay $5 per share of Altus’ Class A common stock in the all-cash transaction.
A 66% Premium Boosts Altus Stock
The agreed price represents a 66% premium over Altus Power’s unaffected closing price on Oct. 15, the day before its board initiated a strategic review. Following the announcement, Altus shares surged more than 28% to $4.92 per share on Thursday morning.
The acquisition follows a thorough review conducted with the assistance of Latham & Watkins LLP and financial adviser Moelis & Co. LLC, Altus confirmed. PJT Partners served as the financial adviser to TPG on the transaction.
Scaling Clean Energy with TPG’s Backing
Altus Power, which owns and operates solar generation, energy storage, and charging infrastructure, said TPG’s financial backing will accelerate its expansion to meet the increasing demand for clean energy solutions.
