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Blackstone-Backed Altus Power to Go Public via Merger with CBRE SPAC

Altus Power, a Blackstone-backed clean electrification company, will go public via a business combination with CBRE Acquisition Holdings, a special purpose acquisition company sponsored by CBRE. The pro forma implied equity of the combined company is $1.58 billion. 

Headquartered in Greenwich, CT, Altus Power is currently wholly-owned by its management team and Blackstone Credit. It serves its customers by offering locally-sited solar generation, energy storage, and EV-charging stations across the U.S.

In what CBRE and Altus Power say demonstrates the deep alignment of CBRE with Altus Power’s business success, CBRE’s sponsor economics are deliberately designed to be tied to the long-term performance of Altus Power. Unlike traditional SPAC incentive structures, CBRE receives no upfront sponsor shares but instead earns its incentive as Altus Power shares appreciate in value over time.

Altus Power’s leadership will remain intact, with Lars Norell and Gregg Felton continuing as co-CEOs of the combined company. The board of directors of the combined company will include representation from Altus Power, CBRE, Blackstone Credit and ValueAct Capital, and have a majority of independent directors.

Norell and CBRE CEO Bob Sulentic discussed the business combination Tuesday on a segment of CNBC’s Squawk on the Street. Click here for the complete segment.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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