Ropes & Gray Advises Altus Power in its Business Combination with CBRE Acquisitions Holdings; Combined Company to be Listed on NYSE
Ropes & Gray advised Altus Power, a Connecticut-based clean electrification company, in its business combination with CBRE Acquisition Holdings, Inc. The combined company is expected to be listed on the New York Stock Exchange The transaction was announced on July 13. The press release is here.
The transaction is expected to generate gross proceeds of approximately $678 million to the company, including a $275 million fully-committed common stock PIPE, anchored by CBRE Group, Inc. and existing investors, Altus Power management and Blackstone Credit.
Altus Power, currently wholly-owned by its management team and Blackstone Credit, serves its commercial, public sector and community solar customers by offering locally-sited solar generation, energy storage, and EV-charging stations across the United States. CBAH is a blank-check company whose parent company, CBRE, is the world’s largest commercial real estate services and investment firm based on 2020 revenue.
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).