Altus Power’s $1.58 Billion Merger with CBRE Acquisition Holdings

Simpson Thacher advised CBRE Acquisitions Holdings, Inc. on the deal, while Kirkland & Ellis counseled Blackstone Credit, a preferred and common investor in Altus Power, advising by Ropes & Gray.

CBRE Acquisitions Holdings, a special purpose acquisition company sponsored by CBRE Group, Inc., has announced its 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 included Mark Pflug (Picture), 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).

The Kirkland team was led by corporate partners John Pitts, David Thompson and Jhett Nelson; capital markets partner Julian Seiguer and associate Billy Vranish; and tax partners David Wheat and Steve Butler.

The Ropes & Gray team that advised Altus Power was led by private equity and M&A partner Carl Marcellino (New York), and included employment, executive compensation & benefits partner Loretta Richard, tax partner Elaine Murphy (both of Boston), and private equity associates Jessica Cooney and Michael Youn (both of New York).

Involved fees earner: Stephen Butler – Kirkland & Ellis; Jhett Nelson – Kirkland & Ellis; John Pitts – Kirkland & Ellis; Julian Seiguer – Kirkland & Ellis; David Thompson – Kirkland & Ellis; Billy Vranish – Kirkland & Ellis; David Wheat – Kirkland & Ellis; Jessica Cooney – Ropes & Gray; Carl Marcellino – Ropes & Gray; Elaine Murphy – Ropes & Gray; Loretta Richard – Ropes & Gray; Michael Youn – Ropes & Gray; Jeanne Annarumma – Simpson Thacher & Bartlett; William Brentani – Simpson Thacher & Bartlett; Mark Brod – Simpson Thacher & Bartlett; Tristan Brown – Simpson Thacher & Bartlett; Sean Dougherty – Simpson Thacher & Bartlett; Peter Guryan – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Sung Jin – Simpson Thacher & Bartlett; Melanie Jolson – Simpson Thacher & Bartlett; Jonathan Kachiu – Simpson Thacher & Bartlett; Kelly Karapetyan – Simpson Thacher & Bartlett; Heesu Kim – Simpson Thacher & Bartlett; Lori Lesser – Simpson Thacher & Bartlett; Russell Light – Simpson Thacher & Bartlett; Krista McManus – Simpson Thacher & Bartlett; William Perrone – Simpson Thacher & Bartlett; Mark Pflug – Simpson Thacher & Bartlett; Caroline Phillips – Simpson Thacher & Bartlett; Ravi Purushotham – Simpson Thacher & Bartlett; Daniel Webb – Simpson Thacher & Bartlett;

Law Firms: Kirkland & Ellis; Ropes & Gray; Simpson Thacher & Bartlett;

Clients: Altus Power; Blackstone Credit; CBRE Acquisition Holdings ;

Author: Sonia Carcano