Altus Power to go public through $1.6 billion merger deal with SPAC CBRE Acquisition

Altus Power Inc., the Connecticut-based clean electrification ecosystem company, is going public through a merger announced Tuesday with special purpose acquisition company (SPAC) CBRE Acquisition Holdings Inc.
CBAH,
-0.20%,
a deal that values the combined company at $1.58 billion. The deal, which is expected to close in the fourth quarter of 2021, is expected to generate $678 million of gross proceeds. The combined company, named Altus Power, is expected to list on the NYSE under the ticker symbol “AMPS.” “We are very excited about the opportunity to supply real estate investors and occupiers – many of whom will come to us through our relationship with CBRE — with clean energy savings and sustainability benefits using a data-driven approach to design and build onsite solar generation facilities, energy storage, and EV-charging for vehicles and fleets – while preparing for a networked future that will have these systems work in tandem and across multiple buildings to produce value for commercial, industrial, municipal and community solar customers,” said Altus Chief Executive Lars Norell. CBRE shares, which were still inactive in premarket trading, have slipped 1.2% over the past three months while the S&P 500
SPX,
-0.46%
has gained 5.9%.

View more information: https://www.marketwatch.com/story/altus-power-to-go-public-through-16-billion-merger-deal-with-spac-cbre-acquisition-2021-07-13

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