M&A · Energy · Electric Services
TPG Inc. to acquire Altus Power, Inc.
Announced Feb 6, 2025 · Closed Apr 16, 2025
Deal value$2.20BEV $2.20B
Premium66.0%To unaffected price
EV / Adj. EBITDA21.2x11.8x EV / Revenue
ConsiderationAll cash$5.00 per share
Transaction
- Acquirer
- TPG Inc. (TPG)
- Target
- Altus Power, Inc. (AMPS)
- Buyer type
- Private equity
- Offer price per share
- $5.00
- Enterprise value
- $2.20B
- Status
- Closed Apr 16, 2025
Deal protections
- Break fee (target pays)
- $60.0M · 2.7%
- Reverse fee (buyer pays)
- $70.0M · 3.2%
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs
Advisors
- To the acquirer
- PJT Partners
- To the target
- Moelis
Sector context · Energy
- Comparable deals
- 41 in the prior 24 months
- Premium
- 66.0% vs. 17.9% sector median
- EV / Adj. EBITDA
- 21.2x vs. 8.1x sector median
- Break fee
- 2.7% vs. 3.0% sector median
Timeline
- AnnouncedFeb 6, 2025
- Proxy filedFeb 25, 2025
- Definitive proxyMar 13, 2025
- Shareholder voteApr 9, 2025
- ClosedApr 16, 2025