On July 9, 2024, Altus Group Limited (TSX: AIF), a leading asset and fund intelligence provider for commercial real estate, announced the sale of its global Property Tax business to Ryan, LLC, a global tax services and software provider, for C$700 million in cash. Additionally, Ryan committed to a C$15 million Altus Market Insights subscription agreement over three years.

The sale strategically positions Altus Group to focus on its core Analytics business, enhancing revenue growth, expanding margins, and increasing cash flows. This divestiture sharpens Altus Group's focus on high-growth areas, improves financial and operational flexibility, and strengthens its financial profile by reducing cyclicality and volatility associated with tax appeal processing.

Altus Group plans to use the net proceeds of approximately C$600 million after taxes, fees, and restructuring expenses to pay down bank debt, invest in growth opportunities, expand its share buyback program to C$250 million, and streamline operations.

The transaction, set to close in the first half of 2025, subject to regulatory approvals, was advised by Evercore (financial advisor), Stikeman Elliott LLP, and Cravath, Swaine & Moore LLP (legal counsel). RBC Capital Markets, LLC served as M&A advisor, and Kirkland & Ellis LLP, Goodmans LLP, and Arnold & Porter Kaye Scholer served as legal counsel to Ryan, LLC.