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Altus Power Inc. Class A (AMPS+0.20%) has filed a Form 10-K filing for the fiscal year ended December 31, 2024. The filing details a merger agreement with Avenger Parent, Inc. and Avenger Merger Sub, Inc., subsidiaries of TPG Global, LLC, under which Altus Power will become a wholly owned subsidiary of Parent.
The merger agreement stipulates that each share of Altus Power Class A common stock will be converted into the right to receive $5.00 in cash, subject to certain adjustments and conditions. The transaction is expected to close in the second quarter of 2025, pending customary conditions and stockholder approval.
Altus Power reported operating revenues of $196.3 million for the year ended December 31, 2024, a 26.5% increase from the previous year. The increase was primarily driven by higher power sales and solar renewable energy credits revenue.
The company experienced a net loss of $10.7 million, which was an improvement from the net loss of $26.0 million in the prior year. The improvement was attributed to increased revenues and a gain in the fair value of the Alignment Shares liability.
Altus Power's total assets as of December 31, 2024, were $2.35 billion, with total liabilities of $1.81 billion. The company's cash and restricted cash totaled $123.4 million.
The filing also discusses the company's recent acquisitions, including the purchase of solar energy facilities from Vitol and MN8, which are expected to enhance Altus Power's portfolio and operational capacity.
Altus Power's board of directors has unanimously approved the merger agreement, deeming it in the best interest of the company and its stockholders. Stockholders will vote on the merger at a special meeting to be scheduled following SEC review.
If the merger is completed, Altus Power will cease to be publicly traded, and its Class A common stock will be delisted from the New York Stock Exchange. The company will operate as a wholly owned subsidiary of Avenger Parent, Inc.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Altus Power Inc. Class A annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.