Stamford-based solar energy company acquired in $2.2B deal
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An Altus Power solar facility.
A Texas-based private equity firm said it has completed its acquisition of Altus Power, a solar energy company based in Stamford.
Altus Power in early February announced an agreement to get bought by TPG for $2.2 billion in cash. The deal now takes Altus Power, which had been publicly traded, private.
“The successful close of this transaction marks a pivotal moment for Altus Power, our stockholders, employees and partners,” Altus Power CEO Gregg Felton said. “We expect this partnership to strengthen our ability to deliver clean energy faster and at greater scale, positioning Altus to lead the next phase of clean energy expansion.”
Altus Power stockholders will receive $5 in cash for each share of Class A common stock owned before the closing of the deal, which was first announced Feb. 6 and approved on April 9.
As a result of the deal, Altus Power’s shares stopped trading before Wednesday’s closing bell and will be delisted from the New York Stock Exchange.
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