The Firm is representing CBRE Acquisitions Holdings, Inc. (NYSE: CBAH) (“CBAH”), a special purpose acquisition company sponsored by CBRE Group, Inc., in connection with entering into a definitive business combination agreement with Altus Power, Inc. (“Altus”). Upon closing of the transaction, the newly combined company will operate as Altus Power, Inc. and plans to list on NYSE under the symbol “AMPS.”
The transaction reflects an implied pro-forma equity value for Altus of approximately $1.58 billion. Institutional investors have committed to a private investment of $275 million in common stock of the combined company. The transaction is anticipated to generate gross proceeds of up to approximately $678 million of cash, assuming no redemptions by CBAH’s public stockholders. The proposed business combination is expected to close in the fourth quarter of 2021.
Altus, based in Greenwich, CT, is a market-leading clean electrification company that offers locally-sited solar generation, energy storage, and EV-charging stations across the U.S. to commercial, public sector and community solar customers.
The Simpson Thacher team includes Mark Pflug, Ravi Purushotham, Sung Jin and Heesu Kim (M&A); Bill Brentani, Mark Brod, Dan Webb, Sean Dougherty, Jonathan Kachiu and William Perrone (Capital Markets); Russell Light and Caroline Phillips (Tax); Tristan Brown (Executive Compensation and Employee Benefits); Lori Lesser and Melanie Jolson (Intellectual Property); Peter Guryan and Kelly Karapetyan (Antitrust); Michael Isby (Environmental); Krista McManus (Real Estate); and Jeanne Annarumma (ERISA).