Ryan, LLC signed a definitive agreement to acquire Property Tax business of Altus Group Limited (TSX:AIF) for CAD 700 million on July 8, 2024. The proceeds from the transaction will be used to Strengthen balance sheet and Facilitate value-creating growth investments, Return capital to shareholders and Restructure corporate overhead. In the event the Purchaser Breach Ryan has to pay $70 million to Altus Group.
The transaction is subject to approval by regulatory board. The expected completion of the transaction is first half of 2025. In addition to the definitive agreement, Ryan has also committed to enter a C$15 million Altus Market Insights subscription agreement at the close of the transaction, with an initial three-year term of C$5 million per year.
Evercore Inc. acted as financial advisor for Altus Group Limited. Evercore Inc. acted as fairness opinion provider for Altus Group Limited. Stikeman Elliott LLP acted as legal advisor for Altus Group Limited. Cravath, Swaine & Moore LLP acted as legal advisor for Altus Group Limited. RBC Capital Markets, LLC acted as financial advisor to Ryan, LLC. Kirkland & Ellis LLP, Goodmans LLP, Arnold & Porter Kaye Scholer LLP served as legal counsel to Ryan, LLC. Travers Smith LLP acted as a legal advisor to Altus Group.