TPG to Buy Altus Power in $2.2 Billion Deal

Dow Jones

Feb 06

By Colin Kellaher

Altus Power has agreed to be acquired by private-equity firm TPG in a deal that values the solar power provider at about $2.2 billion, including debt.

Altus on Thursday said TPG will pay $5 a share in cash, a nearly 31% premium to Wednesday's closing price of $3.83 for the Stamford, Conn., company.

Altus shares were recently up 28% to $4.91 in premarket trading.

The deal, which isn't subject to a financing condition, is slated to close in the second quarter.

TPG, with $239 billion of assets under management, said it is funding the investment through its TPG Rise Climate Transition Infrastructure strategy.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

February 06, 2025 07:36 ET (12:36 GMT)

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