Benzinga | Jul 13, 2021 06:34AM EDT

Altus Power, Inc. To go Public Through Merger With CBRE Acquisition Holdings, Inc.; Transaction Implies Pro Forma Equity Value Of $1.58B

* Transaction 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, as well as new investors, including ValueAct Capital, Liberty Mutual Investments and other leading institutional investors

* Strategic business combination between Altus Power and CBRE Acquisition Holdings will be the first SPAC business combination led by a publicly-traded U.S. corporate. It combines Altus Power with a vehicle sponsored by CBRE Group, Inc., the world's largest commercial real estate services company with 7 billion square feet of commercial real estate under management and serving more than 90 Fortune 100 corporations

* Transaction advances Altus Power's mission to be a category-defining clean electrification company positioned to deliver savings and sustainability benefits to its customers. Altus Power uses a data-driven approach to build onsite solar, combining building energy consumption data, the design and sizing of battery storage, and clean electric vehicle charging infrastructure, all of which can be integrated with other buildings to create a networked clean energy grid

* Altus Power's existing shareholders are rolling 100% of their common equity in the transaction as well as investing additional capital, demonstrating strong alignment and enthusiasm for Altus Power's long-term value proposition

* Transaction implies pro forma equity value of the combined company of $1.58 billion at the $10 per share price in the transaction Combined company Board of Directors will include representatives of Altus Power, CBRE, and Blackstone and have a majority of highly qualified independent directors