Altus Power (NYSE:AMPS) Stock

Altus Power

Altus Power Inc is a developer, owner, and operator of large-scale photovoltaic and energy storage systems across the United States. The company serve commercial, industrial, public sector, and community solar customers. Its mission is to drive the clean energy transition by developing and operating solar generation and energy storage facilities. It owns a diverse portfolio of solar PV systems and has long-term agreements with enterprise entities and residential customers. Their primary product offerings include leases and revenue contracts for solar power generation, alongside electric vehicle charging and energy storage solutions. Revenue streams include power purchase agreements, net metering credit agreements, and SREC revenue.

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Bausch + Lomb&#39;s efforts to sell have so far been unsuccessful. Meanwhile, KKR is aggressively pursuing a deal for Fuji Soft.

Deal Dispatch: PharmChem Forgoes Banker To Run Sale, TGI Fridays Sells 19 Restaurants For $3.1 Million

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Altus Power stock jumps 27.8% after announcing $2.2B acquisition deal with TPG Rise Climate, offering a 66% premium per share.





Altus Power Stock Gains On Heels Of $2.2 Billion TPG Rise Climate Deal

Altus Power Inc

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>Raymond James analyst John Freeman downgraded ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) from Strong Buy to Outperform and lowered the price target from $157 to $124. ConocoPhillips shares closed at $98.36 on Friday. <a href="https://www.benzinga.com/quote/COP/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Barclays analyst Luke Sergott downgraded Illumina, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ILMN#NASDAQ">ILMN</a>) from Equal-Weight to Underweight and lowered the price target from $130 to $100. Illumina shares closed at $111.06 on Friday. <a href="https://www.benzinga.com/quote/ILMN/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Citigroup analyst David Lebowitz downgraded Pliant Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLRX#NASDAQ">PLRX</a>) from Buy to Neutral and lowered the price target from $44 to $4. Pliant Therapeutics shares closed at $7.79 on Friday. <a href="https://www.benzinga.com/quote/PLRX/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>UBS analyst Jon Windham downgraded the rating for Altus Power, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMPS#NYSE">AMPS</a>) from Buy to Neutral and maintained the price target of $5. Altus Power shares closed at $4.87 on Friday. <a href="https://www.benzinga.com/quote/AMPS/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Susquehanna analyst Mehdi Hosseini downgraded NetApp, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTAP#NASDAQ">NTAP</a>) from Positive to Neutral and lowered the price target from $155 to $130. NetApp shares closed at $122.91 on Friday. <a href="https://www.benzinga.com/quote/NTAP/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Considering buying ILMN stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="602" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/10115830/image-82-1024x602.png" alt="" class="wp-image-774960" style="width:541px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/10115830/image-82-1024x602.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/10115830/image-82-300x176.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/10115830/image-82-768x452.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/10115830/image-82.png 1107w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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UBS analyst Jon Windham downgrades Altus Power (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMPS#NYSE">AMPS</a>) from Buy to Neutral and maintains the price target from $5 to $5.

Price Target

UBS Downgrades Altus Power to Neutral, Maintains Price Target to $5

B. Riley Securities analyst Christopher Souther downgrades Altus Power (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMPS#NYSE">AMPS</a>) from Buy to Neutral and lowers the price target from $6 to $5.

B. Riley Securities Downgrades Altus Power to Neutral, Lowers Price Target to $5

<h2 class="wp-block-heading">New On The Block</h2>
PharmChem, Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PCHM#OTC">PCHM</a>), the go-to name for drug-detecting sweat patches, is officially exploring strategic alternatives (i.e., mergers, acquisitions, or an outright sale). So far, the board of directors expressed confidence that it can handle things solo as opposed to hiring a banker. For interested suitors, a <a href="https://www.benzinga.com/topic/mergers-and-acquisitions">data room officially opened</a>.
Other auction block items this week:
<ul>
<li>Ontario Teachers&#8217; Pension Plan tapped Lazard to run a sale process for compliance software firm Mitratech. Reuters estimates that the transaction could hover around $4 billion.</li>
<li>Recall how Paysafe (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSFE#NYSE">PSFE</a>) went public <a href="https://www.benzinga.com/news/20/12/18678982/paysafe-goes-public-again-in-spac-deal-what-investors-should-know">via a SPAC in 2020</a>. Today, it&#8217;s for sale, according to <a href="https://www.bloomberg.com/news/articles/2025-02-06/paysafe-is-said-to-weigh-sale-after-getting-takeover-interest?srnd=phx-deals">Bloomberg</a>. The firm, backed by billionaire Bill Foley, is receiving takeover interest.</li>
<li>Switzerland-based Bank J. Safra Sarasin is weighing a takeover offer for Denmark&#8217;s Saxo Bank, per <a href="https://www.bloomberg.com/news/articles/2025-02-03/safra-sarasin-is-said-to-explore-deal-for-denmark-s-saxo-bank?srnd=phx-deals">Bloomberg</a>.</li>
</ul>
<h2 class="wp-block-heading">Updates From The Block</h2>
<ul>
<li>Veritas Capital is circling Wall Street data provider Dun &amp; Bradstreet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DNB#NYSE">DNB</a>), per <a href="https://www.bloomberg.com/news/articles/2025-02-07/veritas-is-said-in-talks-to-acquire-data-firm-dun-bradstreet?srnd=phx-deals">Bloomberg</a>. Dun &amp; Bradstreet boasts a $4.9 billion market cap.</li>
<li>Bausch + Lomb (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLCO#NYSE">BLCO</a>) considered &#8220;a full separation&#8221; from Bausch Health Companies Inc. After engaging with potential buyers, that process did not result in a deal. Full separation remains the goal, the company confirmed. Full-year 2024 earnings will be posted on Feb. 19.</li>
<li>KKR &amp; Co Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>) is adamant about buying Japanese tech group Fuji Soft. The private equity firm upped its offer to around $4.3 billion to outbid a rival firm, Bain Capital.</li>
<li>Bain has another deal in the works, should the Fuji Soft one not work out. The firm is close to buying the pharma unit of Mitsubishi Chemical Group (TYO:<a class="ticker" href="https://www.benzinga.com/stock/TYO:4188#TYO">4188</a>). The price tag is expected to be north of $3.3 billion, according <a href="https://www.bloomberg.com/news/articles/2025-02-06/bain-is-said-to-near-3-billion-deal-for-mitsubishi-pharma-unit?srnd=phx-deals">to</a> Bloomberg.</li>
</ul>
<h2 class="wp-block-heading">Off The Block</h2>
<ul>
<li>Meanwhile, Bain Capital <a href="https://www.plasticsnews.com/news/hillenbrand-sells-majority-stake-milacron-bain-capital-287m">agreed</a> to buy a 51% stake in Milacron, a provider of plastic processing equipment and services. Hillenbrand (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HI#NYSE">HI</a>) sold the stake for $287 million. </li>
<li>Riverwood Capital agreed to <a href="https://en.globes.co.il/en/article-riverwood-capital-buys-israeli-ai-pricing-co-quicklizard-1001501462">buy</a> Munich-based Quicklizard (TASE: QLRD), a pricing platform for retailers and brands, for roughly $52 million.</li>
<li>TPG <a href="https://www.benzinga.com/25/02/43537313/why-altus-power-stock-is-gaining-today">agreed to buy</a> Altus Power (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMPS#NYSE">AMPS</a>), an owner of commercial-scale solar in the U.S., for around $2.2 billion.</li>
<li>Another solar-related deal: Turn/River Capital agreed to buy Austin, Texas-based SolarWinds (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SWI#NYSE">SWI</a>) for $4.4 billion — a 35% premium to the stock&#8217;s closing price on Thursday, Feb. 6.</li>
<li>Montreal-basedValsoft, a software firm backed by Coatue Management and Viking Global Investors, acquired VHL Sistemas, a Brazilian provider of cloud-based notary management software.</li>
<li>BCI, a Canadian asset management, agreed to buy Luxembourg-based investment BBGI Global Infrastructure (LSE: BBGIB). Reuters reported that the deal cost around 1 billion pounds ($1.24 billion).</li>
<li>EP Global Commerce, backed by billionaire Daniel Kretinsky, <a href="https://www.bloomberg.com/news/articles/2025-02-06/czech-billionaire-kretinsky-seeks-to-take-metro-private-again?srnd=phx-deals">purchased</a> Düsseldorf, Germany-based Metro at a 2 billion euro ($2.76 billion) valuation. </li>
<li>Databricks, valued at $62 billion, <a href="https://www.infoworld.com/article/3817328/databricks-acquires-bladebridge-to-aid-data-warehouse-migrations.html">acquired</a> BladeBridge and its talent to bolster enterprise data warehouse migrations.</li>
<li>JD.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) reportedly revived its interest in buying Düsseldorf, Germany-based Ceconomy AG. The Chinese e-commerce giant last showed interest in the <a href="https://www.benzinga.com/trading-ideas/movers/25/02/43496221/jd-coms-stock-dips-as-ceconomy-deal-heats-up-in-germany-is-the-e-commerce-king-eyeing-expansion">German retailer in 2023</a>.</li>
<li>Nissan Motor Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) CEO Makoto Uchida informed Honda Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMC#NYSE">HMC</a>) CEO Toshihiro Mibe of his intention to terminate discussions <a href="https://www.benzinga.com/markets/asia/25/02/43517930/nissan-ceo-seeks-to-end-honda-merger-talks-report">on a potential merger</a>.</li>
<li>Brookfield completed its $1.7 billion acquisition of Houston-based Chemelex, a provider of electric thermal and sensing solutions. Goldman Sachs advised nVent Electric (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVT#NYSE">NVT</a>) on the sell side.</li>
<li>Court Square Capital Partners and WindRose Health Investors completed a $1.1 billion buyout of Frisco, Texas-based infusion company Soleo Health. H.I.G. Capital.</li>
</ul>
<h2 class="wp-block-heading">Bankruptcy Block</h2>
Judge Christopher Lopez has rejected a deal that would have facilitated a second auction attempt for Alex Jones&#8216; media company, Infowars. This ruling, as reported by <a href="https://www.npr.org/2025/02/05/g-s1-46738/infowars-alex-jones-onion-bankruptcy-judge-sandy-hook">NPR</a>, provides another temporary reprieve for Jones, but delays the Sandy Hook families' efforts to collect the $1.3 billion in defamation damages awarded nearly seven years ago.
Lopez explained he couldn&#8217;t approve the deal because Infowars&#8217; parent company, Free Speech Systems (FSS), is no longer in bankruptcy. That means, he rules, its assets cannot be sold—only Jones&#8217; ownership stake in the company can be auctioned. And yet, the judge also blocked <a href="https://www.benzinga.com/media/24/11/41982446/jokes-on-jones-onion-backed-by-families-of-sandy-hook-victims-buys-info-wars">a previous offer</a> from satirical website The Onion, which had partnered with the Connecticut families to bid on Infowars. 
Moving forward, Lopez emphasized that any asset sale must be a straightforward cash deal. With this latest decision, the path to recovering damages—and potentially dismantling Jones' platform—remains uncertain.
TGI Fridays has sold 19 more restaurants as part of its ongoing Chapter 11 bankruptcy proceedings.&nbsp;Fremont, California-based Yadav Enterprises, an operator of 340 restaurants across six brands, is <a href="https://www.restaurantbusinessonline.com/financing/tgi-fridays-sells-19-restaurants-out-bankruptcy">buying</a> 16 stores for $3 million in debt. Sugarloaf Hospitality, a firm owned by former TGI Fridays CEO Ray Blanchette, is acquiring three locations for $100,000.
<h2 class="wp-block-heading">Notes From The Block</h2>
Scale Vs. Scope: This week, Bain Capital pointed out a trend in the media sector.
Media deals are becoming &#8220;predominantly cross-industry.&#8221; According to Bain&#8217;s <a href="https://www.bain.com/insights/media-and-entertainment-m-and-a-report-2025/">analysis</a>, using data from Dealogic, more than half of all media industry M&amp;A for the first three quarters of 2024 involved either a target or acquirer outside of their industry.
Here are a few callouts, cited by Bain partners Nicole Magoon, Matt Keith and Alex Egan:
<ul>
<li>The majority of Walt Disney Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) transactions used to be &#8220;scale&#8221; (i.e., Pixar in 2006 and 21st Century Fox in 2019); today, there&#8217;s an &#8220;increasing emphasis on scope deals.&#8221; For example, last year, Disney invested in Epic Games, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/41052867/disneys-streaming-surge-epic-games-deal-among-key-growth-drivers-says-analyst">the maker of Fortnite</a>.</li>
<li>Sony Group Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) <a href="https://www.benzinga.com/general/entertainment/24/06/39313096/sony-steps-into-theater-business-with-alamo-drafthouse-purchase">purchased the theater-dinner chain</a> Alamo Drafthouse.</li>
<li>Companies are also doing deals for evergreen IP: Sony Music bought half of Michael Jackson's <a href="https://www.benzinga.com/general/entertainment/24/08/40515995/michael-jacksons-1-5b-catalog-lands-court-approval-for-sale-thriller-for-sony">publishing and recorded music catalog</a>.</li>
<li>Pophouse Entertainment acquired Kiss's catalog as well as <a href="https://www.benzinga.com/general/entertainment/24/04/38116031/sealed-with-a-kiss-rock-band-sells-legacy-for-300m-who-did-gene-simmons-get-into-bed-with">the band members' likenesses</a>. </li>
<li>Private equity funds have invested in smaller production studios with a track record of quality IP. For example, Redbird bought All3Media, seeking an enduring advantage in the video space.</li>
</ul>
Is there risk? &#8220;Acquirers in cross-sector media M&amp;A quickly learn that such deals require a different type of diligence,&#8221; the Bain partners say. &#8220;For one thing, an acquirer is likely to be less familiar with the target's industry. Also, the revenue synergies inherent in scope deals are harder to realize and underwrite than cost synergies.&#8221;
For last week&#8217;s <a href="https://www.benzinga.com/news/global/25/01/43402048/deal-dispatch-sage-and-silvus-are-up-for-sale-mrbeast-secures-20b-for-tiktok">Deal Dispatch, click here</a>.
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Image created using a photo from Shutterstock.

Seaport Global analyst Jeff Campbell downgrades Altus Power (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMPS#NYSE">AMPS</a>) from Buy to Neutral.

Seaport Global Downgrades Altus Power to Neutral

JP Morgan analyst Mark Strouse upgrades Altus Power (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMPS#NYSE">AMPS</a>) from Underweight to Neutral and announces $5 price target.

Upgrades

JP Morgan Upgrades Altus Power to Neutral, Announces $5 Price Target

Altus Power, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMPS#NYSE">AMPS</a>) shares are <a href="https://www.benzinga.com/pressreleases/25/02/b43523644/altus-power-announces-agreement-to-be-acquired-by-tpg" target="_blank" rel="noreferrer noopener">trading higher on Thursday</a> after the company announced an all-cash deal with TPG Rise Climate.
The deal values Altus Power at approximately $2.2 billion, including debt.
Upon the completion of the transaction, Altus Power&#8217;s Class A common stock will be delisted from the New York Stock Exchange, transitioning the company into a privately held entity.
The $5.00 per share purchase price represents a significant 66% premium over Altus Power&#8217;s stock price from October 15, 2024, the last trading day before the company announced its strategic review.
Also Read:<a href="https://www.benzinga.com/25/02/43528027/hersheys-stock-pops-as-q4-earnings-beat-expectationsbut-cocoa-prices-loom-over-2025-outlook" target="_blank" rel="noreferrer noopener"> Hershey&#8217;s Stock Pops As Q4 Earnings Beat Expectations—But Cocoa Prices Loom Over 2025 Outlook</a>
Altus Power CEO Gregg Felton says TPG Rise Climate will enable Altus to meet the increasing demand for sustainable energy. 
&#8220;This partnership strengthens our ability to serve both our Community Solar and commercial clients with clean electric power at a time when demand for power is expected to grow substantially,&#8221; Felton said.
Altus Power&#8217;s board approved the deal at $5.00 per share.
Approximately 40% of the company&#8217;s stock is already committed in favor of the deal. Altus Power expects the transaction to close by the second quarter of 2025.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, AMPS stock has lost over 13% in the past year. Investors can gain exposure to the stock via&nbsp;Invesco WilderHill Clean Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBW#NYSE">PBW</a>).
Price Action: AMPS shares are trading higher by 27.8% to $4.895 at last check Thursday.
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Image: Shutterstock

U.S. stocks were mixed, with the Nasdaq Composite gaining around 0.2% on Thursday.
Shares of Philip Morris International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PM#NYSE">PM</a>) rose sharply on Thursday after the company reported better-than-expected <a href="https://www.benzinga.com/25/02/43529386/tobacco-company-philip-morris-stocks-surge-on-solid-q4-earnings">fourth-quarter financial results</a>.
Philip Morris Intl reported quarterly earnings of $1.55 per share which beat the analyst consensus estimate of $1.50 per share. The company reported quarterly sales of $9.71 billion which beat the analyst consensus estimate of $9.44 billion.
Philip Morris shares jumped 9.1% to $142.96 on Thursday.
Here are some other big stocks recording gains in today's session.
<ul>
<li>American Superconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMSC#NASDAQ">AMSC</a>) shares surged 31.3% to $33.50 after the company reported better-than-expected third-quarter financial results and issued fourth-quarter sales guidance with its midpoint above estimates.</li>
<li>Altus Power, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMPS#NYSE">AMPS</a>) gained 28% to $4.9050 after the company announced it entered into a definitive agreement to be acquired by TPG for a valuation of approximately $2.2 billion.</li>
<li>Hesai Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HSAI#NASDAQ">HSAI</a>) surged 21.7% to $16.90.</li>
<li>TTM Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTMI#NASDAQ">TTMI</a>) gained 19.6% to $29.63 after the company reported fourth-quarter earnings and revenue above estimates.</li>
<li>Digi International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DGII#NASDAQ">DGII</a>) surged 18.3% to $36.00 following first-quarter earnings.</li>
<li>Liquidity Services, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LQDT#NASDAQ">LQDT</a>) gained 16.8% to $37.22 after the company reported better-than-expected quarterly financial results.</li>
<li>Peloton Interactive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTON#NASDAQ">PTON</a>) surged 14.6% to $8.69 following upbeat revenue.</li>
<li>Tapestry, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPR#NYSE">TPR</a>) rose 14% to $83.67 after the company reported second-quarter financial results and beat its sales estimates.</li>
<li>Coherent Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COHR#NYSE">COHR</a>) gained 13.7% to $102.47 after the company reported better-than-expected quarterly financial results.</li>
<li>InterDigital, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDCC#NASDAQ">IDCC</a>) jumped 12.2% to $204.82 after the company reported better-than-expected fourth-quarter financial results and issued first-quarter adjusted EPS guidance above estimates. The company also announced an increase in its quarterly dividend from $0.45 per share to $0.60.</li>
<li>ArcelorMittal S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MT#NYSE">MT</a>) gained 11.6% to $28.42 after the company reported fourth-quarter financial results and missed its adjusted EPS and revenue estimate.</li>
<li>AST SpaceMobile, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASTS#NASDAQ">ASTS</a>) climbed 11.3% to $27.50 after Cantor Fitzgerald initiated coverage on the stock with an Overweight rating and announced a price target of $30.</li>
<li>WeRide Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WRD#NASDAQ">WRD</a>) rose 8.8% to $15.24 after the company launched the Robovan W5.</li>
<li>Yum! Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>) gained 7.7% to $141.32 following upbeat quarterly earnings.</li>
<li>Darling Ingredients Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAR#NYSE">DAR</a>) rose 6.5% to $38.41 after the company reported better-than-expected fourth-quarter EPS results.</li>
</ul>
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</ul>

Intraday Update

AMSC

ASTS

COHR

DGII

HSAI

IDCC

LQDT

PTON

TTMI

Philip Morris Posts Upbeat Results, Joins Coherent, ArcelorMittal, Yum! Brands And Other Big Stocks Moving Higher On Thursday

WIIM

Altus Power shares are trading higher after the company announced it entered into a definitive agreement to be acquired by TPG for a valuation of approximately $2.2 billion.

The purchase price represents a 66% premium to Altus Power's unaffected closing price on October 15, 2024, the last trading day prior to the Company's announcement of a formal review of strategic alternatives by its Board of Directors.

Altus Power Says Company Entered Into Definitive Agreement To Be Acquired By TPG Through Its TPG Rise Climate Transition Infrastructure Strategy For $5.00 Per Share In An All-cash Transaction That Values The Company At Approximately $2.2B

<h2 class="wp-block-heading">Bankruptcy Block</h2>
Party City Holdco Inc., the one-stop-shop for all things celebration, is calling it a wrap. The company&#8217;s 700 stores are holding going-out-of-business sales. 
This is the second time Party City filed for Chapter 11 bankruptcy protection in two years. In 2023, a restructuring process eliminated almost $1 billion in debt — not enough to keep the party going.
Party City also faced some serious buzzkills like inflation and, per a New York Post <a href="https://nypost.com/2023/01/25/party-citys-founder-blames-bankruptcy-on-private-equity-firms/">interview</a> with the chain&#8217;s founder, Steve Mandell, shoddy leadership.
Party City is owned by investment firms such as Capital Group, Davidson Kempner and Silver Point Capital.
The Woodcliff Lake, New Jersey-based company filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas.
Over 95% of Party City's 12,000 employees will stay on until <a href="https://www.cnn.com/2024/12/20/business/party-city-shut-down/index.html">Feb. 28</a> to help with the big cleanup.
The news of Party City&#8217;s demise came just days after bankrupt retailer Big Lots (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BIGGQ#OTC">BIGGQ</a>) <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42624759/big-lots-holds-liquidation-sales-analyst-pegs-competitor-as-major-beneficiary-market-share-capture-opportunity">failed to find a buyer</a>.
The retailer previously announced it was selling its assets to private equity firm Nexus Capital Management back in September. But now the deal is pretty much off the table.
In true clearance-sale spirit, the company is launching its "going out of business" blowout. It's also keeping hope alive by exploring other options. Whether that's cajoling Nexus back to the table or finding a new buyer remains to be seen. 
That&#8217;s not all. <a href="https://www.benzinga.com/news/asset-sales/24/11/42254293/deal-dispatch-stoli-bankrupt-ally-financial-to-sell-credit-card-unit">Benzinga Deal Dispatch reported</a> last month The Container Store was on the verge of bankruptcy. Recall how it was unable <a href="https://www.benzinga.com/markets/equities/24/10/41356027/whats-going-on-with-container-store-stock-after-getting-40m-investment-from-beyond">to ink a deal</a> with Beyond Inc. The <a href="https://www.businesswire.com/news/home/20241222725949/en/The-Container-Store-to-Execute-Comprehensive-Recapitalization-Transaction-with-Lender-Support-to-Best-Position-the-Company-for-Future-Success">filing</a> became official on Sunday, Dec. 22, in a Texas district court.
But unlike Party City and Big Lots, The Container Store is staying in business.
&#8220;Our strategy is sound,&#8221; said The Container Store CEO Satish Malhotra. 
The beloved storage solutions and in-home services provider is tidying up its finances. Up to 90% of the company's term loan lenders have jumped on board with a transaction support agreement. 
The Container Store will have $40 million in fresh funds and $45 million in debt reduction. All this means The Container Store is aiming keep its promises to partners, vendors and stakeholders without a hitch. 
The company expects to exit bankruptcy within the next 30 days. When it re-emerges, it will be a private company.
The Container Store&#8217;s Elfa business in Sweden remains unaffected. 
See Also: <a href="https://www.benzinga.com/24/12/42710061/cannabis-reform-2024-the-year-of-all-talk-and-no-action">Cannabis Reform 2024 — The Year Of All Talk And No Action</a>
<h2 class="wp-block-heading">New On The Block</h2>
Viracta Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VIRX#NASDAQ">VIRX</a>) is considering a sale. The oncology company — focused on virus-associated cancers — announced the process as part of a strategic review. Viracta voluntarily closed its pivotal Phase 2 NAVAL-1 trial of Nana-val for relapsed/refractory EBV+ lymphomas, citing no new safety concerns. CEO Mark Rothera remains optimistic about Nana-val&#8217;s future approval. 
<h2 class="wp-block-heading">Updates From The Block</h2>
Buyout firm TPG is in talks to acquire Altus Power (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMPS#NYSE">AMPS</a>), a solar energy provider to commercial property owners and residential homes, Reuters reported on Dec. 23. A competing bid could emerge. 
Alibaba Group Holding Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>)&nbsp;<a href="https://www.benzinga.com/news/24/12/42680655/alibaba-nears-4b-e-commerce-merger-with-south-koreas-e-mart-report">is close to merging</a>&nbsp;its South Korean operations with&nbsp;E-Mart Inc.&nbsp;in a deal valued at approximately $4 billion. This strategic move aims to bolster their position in South Korea&#8217;s competitive online retail market. The potential joint venture would combine the e-commerce assets of both companies. Discussions are ongoing, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-12-26/alibaba-is-said-to-near-4-billion-deal-with-korea-s-e-mart">reported</a>&nbsp;on Thursday.
<h2 class="wp-block-heading">Notes From The Block</h2>
In 2024, private equity and financial investors showed renewed interest, according to Bain &amp; Co. Deal value increased by 29% year-over-year due to <a href="https://www.benzinga.com/topic/interest-rates">slightly lower interest rates</a>.
Corporate M&amp;A, less impacted by minor debt cost changes, is projected to finish the year 12% higher than 2023, with a 7% rise in deal volume across all regions, the firm noted.
&#8220;Overall, the level of M&amp;A activity was a middling $3.5 trillion,&#8221; the firm <a href="https://www.bain.com/insights/looking-back-m-and-a-report-2025/">noted</a>. &#8220;That&#8217;s a number consistent with what we saw in the mid-2010s.&#8221;
For last week&#8217;s <a href="https://www.benzinga.com/news/rumors/24/12/42635878/deal-dispatch-honeywell-textron-soho-house-m-and-a-moves">Deal Dispatch, click here</a>. 
Now Read:
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42701686/bitcoin-could-slide-to-60000-technical-analyst-warns">Bitcoin Could Slide To $60,000, Technical Analyst Warns</a></li>
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Deal Dispatch: Party City Wraps Up, Big Lots Goes Bust, The Container Store Continues

Altus Power Shares Resume Trade

Altus Power shares are trading higher after a report suggesting TPG is in talks to acquire the company.

Altus Power Shares Halted On Circuit Breaker To The Upside, Stock Now Up 13.5%

TPG Is In Talks To Acquire Altus Power

The project is the final asset to be sold from Emeren's Maine pipeline. The Company has brought the project to full commercial operation, achieving a significant milestone in its development.&nbsp;
With this sale, Altus Power will assume ownership and long-term management, utilizing the project to deliver clean, sustainable energy to local communities and support Maine's renewable energy objectives.

Emeren Reports Sale Of Its 2.8 MWdc Solar Project Located In Maine To Altus Power; No Terms Disclosed

Altus Power shares are trading lower after JP Morgan downgraded the stock form Neutral to Underweight.

JP Morgan analyst Mark Strouse downgrades Altus Power (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMPS#NYSE">AMPS</a>) from Neutral to Underweight.

JP Morgan Downgrades Altus Power to Underweight

<h2 class="wp-block-heading">New On The Block</h2>
Dental supply maker Patterson Companies Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDCO#NASDAQ">PDCO</a>) announced Thursday that it is exploring strategic options, including a sale or merger, to boost shareholder value. The company disclosed the deal process as part of its <a href="https://www.benzinga.com/24/12/42342667/dental-supplies-patterson-companies-evaluates-strategic-alternatives-after-mixed-q2-earnings-amid-challenging-end-market-environment">second-quarter financial report</a>.
<h2 class="wp-block-heading">Updates From The Block</h2>
EasyHotel is close to being sold. A billionaire-backed firm called London &amp; Regional Properties is bidding against a fund managed by Tristan Capital Partners. The auction process is in its final stages, according to <a href="https://www.bloomberg.com/news/articles/2024-11-27/billionaire-brothers-private-equity-chase-deal-for-easyhotel">Bloomberg</a>.
Ubisoft Entertainment SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/UBSFF#OTC">UBSFF</a>) is in talks with Tencent Holdings ADR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) <a href="https://www.benzinga.com/general/gaming/24/12/42372040/ubisoft-stock-jumps-14-after-reports-of-tencent-buyout">over a potential buyout</a>. According to Reuters, the deal would allow Ubisoft&#8217;s founders, the Guillemot family, to retain control if the company goes private. This development follows a <a href="https://www.benzinga.com/general/gaming/24/09/40801168/ubisoft-is-mismanaged-shareholders-are-hostages-investor-demands-video-game-company-go-private-aft">difficult year for Ubisoft</a>, marked by staff layoffs, disappointing sales, and the closure of several studios. Ubisoft&#8217;s stock jumped 14% after news of the buyout discussions emerged, as per <a href="https://pro.benzinga.com/dashboard">Benzinga Pro.</a>
Lightspeed Commerce Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LSPD#NYSE">LSPD</a>) is reorganizing. A majority of the restructuring charges will be incurred in the third quarter of fiscal 2025. The focus remains on &#8220;reducing the complexity of our business,&#8221; said Lightspeed founder and CEO Dax Dasilva <a href="https://investors.lightspeedhq.com/English/newsroom/news-details/2024/Lightspeed-Commerce-Announces-Strategic-Reorganization-Continues-to-Optimize-for-Profitable-Growth/default.aspx">said</a>. An analyst told <a href="https://www.paymentsdive.com/news/lightspeed-strategic-reorganization-employee-impact/734300/">Payments Dive</a> that the intent is to set Lightspeed up for a sale. JPMorgan and RBC are advising the process, according to <a href="https://www.bloomberg.com/news/articles/2024-11-07/lightspeed-looks-for-efficiencies-as-strategic-review-continues">Bloomberg</a>.
See Also: <a href="https://www.benzinga.com/general/space/24/12/42376708/nasa-mission-to-land-humans-on-moon-delayed-artemis-3-now-slated-for-mid-2027">NASA Mission To Land Humans On Moon Delayed &#8211; Artemis 3 Now Slated For&#8230;</a>
<h2 class="wp-block-heading">Off The Block</h2>
Novavax, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVAX#NASDAQ">NVAX</a>) agreed to sell its Bohumil, Czech Republic manufacturing facility to Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) <a href="https://www.benzinga.com/pressreleases/24/12/n42308359/novavax-announces-sale-of-czech-republic-manufacturing-site-to-novo-nordisk-for-200-million" target="_blank" rel="noreferrer noopener">for $200 million</a>. The deal includes transferring assets, including a 150,000-square-foot factory <a href="https://www.benzinga.com/24/12/42323263/wegovy-maker-novo-nordisk-to-buy-novavaxs-czech-republic-manufacturing-facility-for-200-million">and the existing workforce</a>.
Schneider National, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNDR#NYSE">SNDR</a>) disclosed that it has agreed to acquire Cowan Systems, LLC and its affiliates for approximately $390 <a href="https://www.benzinga.com/pressreleases/24/11/b42167845/schneiders-dedicated-momentum-continues-to-build-with-latest-acquisition-of-cowan-systems-llc" target="_blank" rel="noreferrer noopener">million in cash, subject to adjustments</a>. The deal also includes a separate purchase of related real estate <a href="https://www.benzinga.com/news/mid-cap/24/11/42170700/schneider-expands-its-fleet-390-million-cowan-systems-deal-supercharges-dedicated-services">assets for $31 million</a>.
Renewi, a London-listed waste management company, <a href="https://www.macquarie.com/assets/macq/about/company/macquarie-asset-management/project-earth/joint-statement-regarding-a-final-possible-cash-offer-for-renewi-by-macquarie.pdf">agreed</a> to a preliminary takeover offer from Macquarie Asset Management that values it at 700.9 million pounds ($888.8 million). Renewi had been exploring the sale of certain assets (i.e. its <a href="https://www.globenewswire.com/news-release/2024/10/10/2961009/0/en/Completion-of-divestment-of-UK-Municipal-operations.html">UK Municipal division</a>) in order to reduce debt and focus on its core recycling business in the Netherlands, Belgium, France and Portugal.
<h2 class="wp-block-heading">Bankruptcy Block</h2>
Eegee's, a beloved drive-through restaurant chain founded in Tucson in 1971, has filed for Chapter 11 bankruptcy and closed five locations—four in Tucson and one in Phoenix. Despite challenges, Eegee's continues to operate over 20 locations in Tucson and Phoenix. Local media <a href="https://www.kold.com/2024/12/06/eegees-closes-five-restaurants-files-bankruptcy/">reported</a> that the company owes significant debts, including over $1.2 million to Sysco and hundreds of thousands more to other vendors, with total liabilities ranging between $10 million and $50 million. CEO Chris Westcott cited various pressures as reasons for the restructuring, but local residents blamed 39 North Capital, Eegee's owner since 2018.
Trucking company Kal Freight filed for bankruptcy protection, saying its financial condition has been hurt by unprofitable efforts to become a vertically integrated business and a now-questionable investment in additional vehicles during the height of the Covid-19 pandemic. The closely held company also faces litigation, including foreclosure actions, according to the <a href="https://www.wsj.com/articles/trucker-kal-freight-files-for-bankruptcy-protection-06194094">Wall Street Journal</a> citing a filing Thursday in the U.S. Bankruptcy Court in Houston.
Proma Group has <a href="https://www.promagroup.com/archive/news/68">acquired</a> Germany&#8217;s Recaro Automotive GmbH, enabling the company to exit bankruptcy and resume operations across Europe starting January 2025. Recaro's aftermarket seats will return to the market in January, with OEM production shifting to Italy where Proma is based. Several employees from Recaro&#8217;s Sales and Technology departments will remain in the Stuttgart area to ensure a smooth transition and customer support. Recaro&#8217;s operations in North America and Japan remain unaffected. Proma Group CEO Luca Pino praised the partnership as a blend of German industrial and Italian manufacturing excellence.
<h2 class="wp-block-heading">Notes From The Block</h2>
Bain &amp; Company did a swell job putting M&amp;A telecom trends into perspective this week. Here&#8217;s what we learned: 
<ul>
<li>Global deal value &#8220;surged&#8221; from about $24 billion in the first three quarters of 2023 to $90 billion in the same period in 2024, the firm noted. The Americas accounted for 63% of the global total.</li>
<li>Financial investors are acquiring tower and fixed assets. This trend underscores confidence in digital infrastructure's business fundamentals despite headwinds.</li>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40727235/verizon-to-acquire-frontier-in-20b-deal-reaffirms-fy24-outlook">The $20.3 billion deal between</a> Frontier Communications Parent, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FYBR#NASDAQ">FYBR</a>) and Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>) is the year's largest transaction so far.</li>
<li>Scale deals accounted for nearly half of global deal value year to date; infrastructure divestments accounted for 22% of deal value through the first nine months of 2024 (36% of all deal value over the past five years); mobile and fixed divestments made up about 20% during that period. For the full report, <a href="https://www.bain.com/insights/telecom-m-and-a-here-are-the-latest-deal-trends-worldwide-interactive/">click here</a>.</li>
</ul>
For last week&#8217;s <a href="https://www.benzinga.com/news/asset-sales/24/11/42254293/deal-dispatch-stoli-bankrupt-ally-financial-to-sell-credit-card-unit">Deal Dispatch, click here</a>.
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Deal Dispatch: Ubisoft In Buyout Talks, Dental Supplier Explores Sale, Beloved Drive-Through Goes Bankrupt

Contracts

Altus Power Acquires 3 Operational Projects In Maine, Adding A Total Of 12.8 MWs To Its Growing Presence In The Pine Tree State; Terms Not Disclosed

Press Releases

AMPS SHAREHOLDER ALERT: Kaskela Law LLC Announces Investigation of Altus Power, Inc. (NYSE: AMPS) Proposed $5.00 Per Share Buyout Offer and Encourages Investors to Contact the Firm

SHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates AMPS, TGI, SGBX on Behalf of Shareholders

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AMPS Investors Have the Opportunity to Join Investigation of Altus Power, Inc. with the Schall Law Firm

Shareholder Alert: Ademi & Fruchter LLP investigates whether Altus Power, Inc. is obtaining a Fair Price for its Public Shareholders

SHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates AMPS, PTMN, AZPN on Behalf of Shareholders

ALTUS POWER INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Altus Power, Inc. - AMPS

SHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates PLYA, SLRN, NVRO, AMPS on Behalf of Shareholders

SHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates TURN, AMPS, SLRN on Behalf of Shareholders

SHAREHOLDER ALERT: Kaskela Law LLC Announces Shareholder Investigation into Fairness of Altus Power, Inc. (NYSE: AMPS) $5.00 Per Share Buyout Offer and Encourages Investors to Contact the Firm

SHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates LBRDA, AMPS, NEUE on Behalf of Shareholders

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