Announcement • Apr 17

TPG Rise Climate Transition Infrastructure, L.P., a fund managed by TPG Global, LLC completed the acquisition of Altus Power, Inc. (NYSE:AMPS) from Cbre Acquisition Sponsor, LLC, Gso Altus Holdings Lp, Blackstone Credit & Insurance and others in a equity reinvestment transaction.

TPG Rise Climate Transition Infrastructure, L.P., a fund managed by TPG Global, LLC entered into an agreement to acquire Altus Power, Inc. (NYSE:AMPS) from Cbre Acquisition Sponsor, LLC, Gso Altus Holdings Lp, Blackstone Credit & Insurance and others in a equity reinvestment transaction for approximately $850 million on February 5, 2025. As part of consideration, TPG Global will pay $5 for each share of Altus Power. Altus Power expects to maintain its headquarters in Stamford, Connecticut. The merger agreement contains certain termination rights for both the Altus Power and TPG Global. The Altus Power will be required to pay TPG Global a termination fee of $60 million upon valid termination of the merger agreement under specified circumstances. TPG Global will be required to pay the Altus Power a termination fee in the amount of $70 million. Upon completion of the transaction, Altus Power’s Class A common stock will no longer be listed or traded on the New York Stock Exchange, and Altus Power will become a privately-held company. The Board of Directors of both parties has unanimously approved the transaction. The transaction is subject to the approval of Altus Power stockholders, the expiration or earlier termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other approvals, clearances or expirations of waiting periods under other antitrust laws and the receipt of approvals required pursuant to Section 203 of the Federal Power Act and Federal Energy Regulatory Commission regulations. Completion of the transaction is expected in the second quarter of 2025. Altus Power Stockholders Approve the transaction on April 9, 2025. Completion of the transaction is expected to occur on April 16, 2025. Debbie P. Yee, P.C., Patrick Y. Moneypenny, Jessica Berkowitz, Rohit Chaudhry, P.C., Marten Olsson, Robert Eberhardt, P.C., Jared M. Rusman, P.C., Michael J. Masri, P.C., Michael W. Rigdon, P.C., Atma Kabad, J. Robert Fowler, P.C., Sally Ye, Andrew L. Stuyvenberg and Daisy L. Darvall, P.C. of Kirkland & Ellis LLP acted as legal advisor to TPG Global. Ryan Maierson, Rachel Ratcliffe Payne, Keith Halverstam, Jim Cole, Michelle Carpenter, Craig Kornreich, Jeffrey Tochner, Jason Cruise, Jamie Sadler, Joshua Marnitz, Natasha Gianvecchio, Robert Brown and Daniel Sinaiko of Latham & Watkins LLP acted as legal advisor to Altus Power, Inc. Stuart Rogers of Alston & Bird advised Moelis & Company LLC fairness opinion provider to Altus Power. Knox, Ruth of Paul Hastings LLP acted as legal advisor to TPG Rise Climate in the transaction. Sodali & Co. acted as information agent to Altus Power and agreed to pay Sodali a fee of $15,000, plus disbursements. Continental Stock Transfer & Trust Co. acted as transfer agent to Altus Power. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to TPG Global, LLC. TPG Rise Climate Transition Infrastructure, L.P., a fund managed by TPG Global, LLC completed the acquisition of Altus Power, Inc. (NYSE:AMPS) from Cbre Acquisition Sponsor, LLC, Gso Altus Holdings Lp, Blackstone Credit & Insurance and others in a equity reinvestment transaction on April 16, 2025.

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TPG Rise Climate Transition Infrastructure, L.P., a fund managed by TPG Global, LLC completed the acquisition of Altus Power, Inc. (NYSE:AMPS) from Cbre Acquisition Sponsor, LLC, Gso Altus Holdings Lp, Blackstone Credit & Insurance and others in a equity reinvestment transaction.

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