Altus Power to float on Friday with SPAC merging

Dec 9, 2021 07:01 AM ET
  • United States clean energy firm Altus Power Inc is readied to start trading in New york city on Friday as its tie-up with CBRE Acquisition Holdings Inc (NYSE: CBAH) has been okayed by the blank check company's stockholders.
Altus Power to float on Friday with SPAC merging
Image: Altus Power

The offer, giving the new entity a pro forma equity worth of USD 1.58 billion (EUR 1.4 bn), was authorized at a special meeting on Monday with around 90.3% of the ballots cast being in favour of the combination. This includes independent shareholders representing an accumulation of 60.4% in CBAH common stock that is not directly or indirectly possessed by US real estate investment firm CBRE Group Inc (NYSE: CBRE). The last is the enroller of the special purpose acquisition company (SPAC).

Altus Power's Class A shares and warrants will certainly trade on the New York Stock Exchange under the respective symbols AMPS and also AMPS WS.

The merger is slated to be completed on Thursday.

Blog post completion, each CBAH unit will certainly be split right into one CBAH Class A share and one-fourth of one warrant. The unit holders will certainly get equivalent shares and warrants in the consolidated entity.

Altus Power struck an offer to be taken public by CBAH in July. The transaction will unlock cash money profits of USD 678 million, assuming no redemptions by CBAH's public stockholders. This amount consists of USD 275 million offered under a personal investment in public equity (PIPE). The PIPE deal is anchored by CBRE Group and existing investors, including Altus Power monitoring and Blackstone Credit.

The collaboration in between Altus Power and CBRE is attended offer a chance to provide solar and also electrification services to a lot more organizations and property owners.

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