Altus Power Announces Ongoing Review of Strategic Alternatives
Altus Power (NYSE: AMPS), the largest commercial scale provider of clean electric power, has announced that its Board of Directors is conducting a formal review of strategic alternatives. The comprehensive review aims to unlock shareholder value and optimize access to capital for the company. CEO Gregg Felton emphasized the goal of ensuring Altus Power's long-term success in a growth industry with strong secular tailwinds and large market opportunities. Board Chair Christine Detrick noted a disconnect between the share price and the company's view of intrinsic value, prompting the exploration of alternative ownership structures.
Altus Power has reaffirmed its guidance for fiscal year 2024 and has retained Moelis & Company and Latham & Watkins to assist with the review. The process is expected to be completed by the first half of 2025. The company will not provide further comments until a specific transaction is approved or the process concludes.
Altus Power (NYSE: AMPS), il principale fornitore commerciale di energia elettrica pulita, ha annunciato che il suo Consiglio di Amministrazione sta conducendo una revisione formale delle alternative strategiche. L'analisi completa ha l'obiettivo di sbloccare il valore per gli azionisti e ottimizzare l'accesso al capitale per l'azienda. Il CEO Gregg Felton ha sottolineato l'obiettivo di garantire il successo a lungo termine di Altus Power in un settore in crescita con forti tendenze positive e grandi opportunità di mercato. La Presidente del Consiglio Christine Detrick ha osservato un disallineamento tra il prezzo delle azioni e la visione dell'azienda sul valore intrinseco, portando all'esplorazione di strutture di proprietà alternative.
Altus Power ha riepilogato le sue previsioni per l'anno fiscale 2024 e ha incaricato Moelis & Company e Latham & Watkins di assistere con la revisione. Il processo è previsto per essere completato entro il primo semestre del 2025. L'azienda non fornirà ulteriori commenti fino a quando non sarà approvata una transazione specifica o il processo si concluderà.
Altus Power (NYSE: AMPS), el proveedor más grande de energía eléctrica limpia a escala comercial, ha anunciado que su Junta Directiva está llevando a cabo una revisión formal de alternativas estratégicas. La revisión integral tiene como objetivo desbloquear el valor para los accionistas y optimizar el acceso al capital para la empresa. El CEO Gregg Felton enfatizó la meta de asegurar el éxito a largo plazo de Altus Power en una industria en crecimiento con fuertes vientos a favor y grandes oportunidades de mercado. La Presidenta de la Junta Christine Detrick señaló una desconexión entre el precio de las acciones y la visión de la empresa sobre el valor intrínseco, lo que llevó a explorar estructuras de propiedad alternativas.
Altus Power ha reafirmado su orientación para el año fiscal 2024 y ha contratado a Moelis & Company y Latham & Watkins para asistir con la revisión. Se espera que el proceso se complete en la primera mitad de 2025. La empresa no proporcionará más comentarios hasta que se apruebe una transacción específica o se concluyan los procedimientos.
Altus Power (NYSE: AMPS), 청정 전력을 상업 규모로 제공하는 최대 기업이자, 이사회가 전략적 대안을 정식으로 검토하고 있음을 발표했습니다. 종합 검토의 목표는 주주 가치를 극대화하고 자본 접근을 최적화하는 것입니다. CEO Gregg Felton은 Altus Power의 장기적인 성공을 보장하는 목표를 강조했으며, 이는 강력한 세속적 호재와 큰 시장 기회를 갖춘 성장 산업 내에서 이루어집니다. 이사회 의장 Christine Detrick은 주가와 회사가 인식하는 내재 가치 간의 불일치를 지적하며 대체 소유 구조를 탐색하였습니다.
Altus Power는 2024 회계연도에 대한 가이던스를 재확인했습니다 그리고 Moelis & Company 및 Latham & Watkins를 검토를 위해 위촉했습니다. 이 과정은 2025년 상반기에 완료될 것으로 예상됩니다. 특정 거래가 승인되거나 과정이 종료될 때까지 회사는 추가 언급을 제공하지 않을 것입니다.
Altus Power (NYSE: AMPS), le plus grand fournisseur d'énergie électrique propre à l'échelle commerciale, a annoncé que son conseil d'administration réalise un examen formel des alternatives stratégiques. Cet examen complet vise à débloquer la valeur pour les actionnaires et à optimiser l'accès au capital pour l'entreprise. Le PDG Gregg Felton a souligné l'objectif d'assurer le succès à long terme d'Altus Power dans un secteur en croissance avec de fortes tendances structurelles et de grandes opportunités de marché. La présidente du conseil Christine Detrick a noté un décalage entre le prix de l'action et la vision de l'entreprise sur la valeur intrinsèque, ce qui a conduit à explorer des structures de propriété alternatives.
Altus Power a réaffirmé ses prévisions pour l'exercice 2024 et a retenu Moelis & Company ainsi que Latham & Watkins pour assister à l'examen. Le processus devrait être achevé d'ici la première moitié de 2025. L'entreprise ne fournira pas d'autres commentaires jusqu'à ce qu'une transaction spécifique soit approuvée ou que le processus se termine.
Altus Power (NYSE: AMPS), der größte Anbieter von sauberer elektrischer Energie im kommerziellen Maßstab, hat angekündigt, dass der Vorstand eine formelle Überprüfung strategischer Alternativen durchführt. Die umfassende Überprüfung zielt darauf ab, Wert für die Aktionäre zu erschließen und den Zugang zu Kapital zu optimieren. CEO Gregg Felton betonte das Ziel, den langfristigen Erfolg von Altus Power in einer wachsenden Branche mit starken weltweiten Trends und großen Marktchancen sicherzustellen. Die Vorstandsvorsitzende Christine Detrick stellte einen Disconnect zwischen dem Aktienkurs und der Auffassung des Unternehmens über den inneren Wert fest, was die Erkundung alternativer Eigentumsstrukturen anregte.
Altus Power hat seine Prognose für das Geschäftsjahr 2024 bekräftigt und Moelis & Company sowie Latham & Watkins beauftragt, die Überprüfung zu unterstützen. Der Prozess wird voraussichtlich bis zur ersten Hälfte des Jahres 2025 abgeschlossen sein. Das Unternehmen wird keine weiteren Kommentare abgeben, bis eine spezifische Transaktion genehmigt wird oder der Prozess abgeschlossen ist.
- Reaffirmation of fiscal year 2024 guidance
- Potential for unlocking shareholder value through strategic alternatives
- Engagement of reputable financial and legal advisors for the review process
- Perceived disconnect between share price and intrinsic value
- Uncertainty surrounding the outcome of the strategic review
Insights
Altus Power's announcement of a strategic review is a significant development that could reshape the company's future. The board's decision to explore alternatives suggests they believe the current market valuation doesn't reflect the company's true worth. This disconnect between share price and perceived intrinsic value is a key driver for the review.
The retention of Moelis & Company and Latham & Watkins, both respected firms in M&A and corporate law, indicates the seriousness of this endeavor. Potential outcomes could include a sale, merger, or significant restructuring. The timeline extending to the first half of 2025 allows for a thorough evaluation but also introduces a period of uncertainty for investors.
Importantly, Altus Power has reaffirmed its 2024 fiscal guidance, which should provide some stability during this process. However, investors should be prepared for potential volatility as speculation about possible outcomes may impact the stock price. The lack of specific details about potential transactions leaves room for market speculation, which could lead to increased trading activity.
Altus Power's strategic review reflects broader trends in the clean energy sector. As the largest commercial-scale provider of clean electric power, Altus is positioned in a high-growth industry with strong secular tailwinds. However, the company's decision to explore alternatives suggests challenges in fully capitalizing on this potential under its current structure.
The mention of optimizing access to capital is particularly noteworthy. It indicates that Altus may be seeking ways to fuel growth more effectively, possibly through partnerships or a different corporate structure that could provide better financing options. This could be important in a capital-intensive industry like clean energy.
The extended timeline for the review process (up to mid-2025) is longer than typical, which could be seen as both a positive and a negative. It allows for thorough evaluation but may also signal complex challenges or a wide range of options being considered. Investors should monitor industry trends and potential suitors or partners that could emerge during this period.
“Our goal is to ensure that Altus Power is structured for long-term success in a growth industry with strong secular tailwinds and large market opportunity,” said Gregg Felton, Chief Executive Officer of Altus Power.
“The ongoing disconnect between the share price and our view of intrinsic value gives the Board and management confidence that exploring alternative ownership structures is a prudent course to maximize value for our investors, partners, customers and employees,” said Christine Detrick, Board Chair of Altus Power.
As part of this strategic evaluation, Altus Power reaffirms its guidance for fiscal year 2024.
Altus Power has retained Moelis & Company LLC and Latham & Watkins to assist with this review and expects the process to be completed by the first half of 2025. Altus Power does not intend to comment further until the Board has approved a specific transaction, the process has otherwise concluded, or the company has otherwise determined that further disclosure is appropriate or necessary. There is no assurance that the review will result in completion of any particular transaction or of any particular outcome.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as "aims," "believes," "expects," "intends," "aims", "may," “could,” "will," "should," "plans," “projects,” “forecasts,” “seeks,” “anticipates,” “goal,” “objective,” “target,” “estimate,” “future,” “outlook,” "strategy," “view,” “vision,” or variations of such words or similar terminology that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to Altus Power’s future prospects, developments and business strategies. These statements are based on Altus Power’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.
Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Altus Power’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the possibility that the announced review of strategic alternatives may not achieve its objectives, (2) the risk that pending acquisitions may not close in the anticipated timeframe or at all due to a closing condition not being met; (3) failure to obtain required consents or regulatory approvals in a timely manner or otherwise; (4) the ability of Altus Power to successfully integrate the acquisition of solar assets into its business and generate profit from their operations; (5) the ability of Altus Power to retain customers and maintain and expand relationships with business partners, suppliers and customers; (6) the risk of litigation and/or regulatory actions related to the proposed acquisition of solar assets; and (7) the possibility that Altus Power may be adversely affected by other economic, business, regulatory, credit risk and/or competitive factors.
Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found under the heading “Risk Factors” in Altus Power’s Form 10-K filed with the Securities and Exchange Commission on March 14th, 2024, as well as the other information we file with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made and the information and assumptions underlying such statement as we know it and on the date such statement was made, and except as required by applicable law, Altus Power undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.
This press release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Altus Power and is not intended to form the basis of an investment decision in Altus Power. All subsequent written and oral forward-looking statements concerning Altus Power or other matters and attributable to Altus Power or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.
About Altus Power
Altus Power, based in
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Media Contact:
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Investor Contact:
Alison Sternberg
investorrelations@altuspower.com
Source: Altus Power, Inc.
FAQ
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