Altus Power to float on Friday through SPAC merger

US clean energy firm Altus Power Inc is set to start trading in New York on Friday as its tie-up with CBRE Acquisition Holdings Inc (NYSE:CBAH) has been given the green light by the blank check company's stockholders.

The deal, giving the new entity a pro forma equity value of USD 1.58 billion (EUR 1.4bn), was approved at a special meeting on Monday with about 90.3% of the votes cast being in favour of the combination. This includes independent shareholders representing an aggregate of 60.4% in CBAH common stock that is not directly or indirectly owned by US real estate investment firm CBRE Group Inc (NYSE:CBRE). The latter is the sponsor of the special purpose acquisition company (SPAC).

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

The merger is slated to be completed on Thursday.

Post completion, each CBAH unit will be split into one CBAH Class A share and one-fourth of one warrant. The unit holders will receive equivalent shares and warrants in the combined entity.

Altus Power struck a deal to be taken public by CBAH in July. The transaction will unlock cash proceeds of USD 678 million, assuming no redemptions by CBAH’s public stockholders. This amount includes USD 275 million provided under a private investment in public equity (PIPE). The PIPE deal is anchored by CBRE Group and existing investors, including Altus Power management and Blackstone Credit.

The partnership between Altus Power and CBRE is seen to provide an opportunity to deliver solar and electrification services to more businesses and real estate owners.

(USD 1 = EUR 0.888)

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