TORONTO, Jan. 02, 2025 (GLOBE NEWSWIRE) -- Altus Group Limited (ʺAltus Group”) (TSX: AIF), a leading provider of asset and fund intelligence for commercial real estate (“CRE”), today announced the closing of the sale of its global Property Tax business to Ryan, LLC (“Ryan”) for total cash consideration of C$700 million, subject to customary post-closing adjustments.
“This transaction accelerates our transformation into a pure-play software, data and analytics platform,” said Jim Hannon – Altus Group CEO. “As we have previously announced, we will use the net proceeds to pay down debt to targeted ratios, invest in innovation, return capital to shareholders, and restructure corporate overhead. Our strengthened balance sheet enables us to continue evaluating high-quality strategic acquisitions. And most importantly, we are very pleased that our Property Tax colleagues are joining Ryan, a global leader in property tax solutions. We look forward to their continued success at Ryan as they become valued clients of our data and analytics solutions.”
About Altus Group
Altus Group is a leading provider of asset and fund intelligence for commercial real estate. We deliver intelligence as a service to our global client base through a connected platform of industry-leading technology, advanced analytics, and advisory services. Trusted by the largest CRE leaders, our capabilities help commercial real estate investors, developers, lenders, and advisors manage risks and improve performance returns throughout the asset and fund lifecycle. Altus Group is a global company headquartered in Toronto with approximately 1,900 employees across North America, EMEA and Asia Pacific. For more information about Altus Group (TSX: AIF) please visit altusgroup.com.
Forward-looking Information
Certain information in this press release may constitute “forward-looking information” within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information. Forward-looking information includes information that relates to, among other things, objectives, strategies and intentions, and future financial and operating performance and prospects, as well as use of net proceeds from the transaction contemplated in this press release and Altus Group’s expectations with respect to repayment of debt to targeted ratios, investments in innovation, return of capital to shareholders, and restructuring of corporate overhead. Generally, forward-looking information can be identified by use of words such as “will” and other similar terminology. All of the forward-looking information in this press release is qualified by this cautionary statement. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by Altus Group at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results, performance or achievements, industry results or events to be materially different from those expressed or implied by the forward-looking information. In addition, any return of capital initiative will be dependent on various factors present at the time, including share price, tax impacts, absence of any other capital allocation priorities, and receipt of any regulatory approvals. As such, this press release does not constitute an offer to buy or the solicitation of an offer to sell any shares or an intention to conduct an issuer bid. Please consult Altus Group’s most recent regulatory filings on SEDAR+ for more information on Altus Group’s forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Camilla Bartosiewicz
Chief Communications Officer, Altus Group
(416) 641-9773
Camilla.Bartosiewicz@altusgroup.com
