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

Altus Power, Inc. AMPS shares are trading higher on Thursday 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’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’s stock price from October 15, 2024, the last trading day before the company announced its strategic review.

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Altus Power CEO Gregg Felton says TPG Rise Climate will enable Altus to meet the increasing demand for sustainable energy.

“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,” Felton said.

Altus Power’s board approved the deal at $5.00 per share.

Approximately 40% of the company’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 Benzinga Pro, AMPS stock has lost over 13% in the past year. Investors can gain exposure to the stock via Invesco WilderHill Clean Energy ETF PBW.

Price Action: AMPS shares are trading higher by 27.8% to $4.895 at last check Thursday.

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