Ryan, LLC Completes Acquisition of Altus Group's Property Tax Business
Canada, Thursday, 2 January 2025.
Ryan, LLC has finalized its C$700 million purchase of Altus Group’s property tax business, enhancing its market position in property tax consultancy.
Deal Overview
In a significant development for the tax services industry, Ryan, LLC has successfully completed its acquisition of Altus Group Limited’s (TSX:AIF, ASGTF.PK) global property tax business on January 2, 2025 [1][2]. The transaction, valued at C$700 million, was initially announced on July 8, 2024, and has now cleared all regulatory requirements [1].
Strategic Implications
This acquisition marks a transformative moment for both companies. For Altus Group, the sale represents a strategic shift as the company repositions itself as a pure-play software, data, and analytics platform [2]. The deal includes an additional commitment from Ryan to enter a C$15 million Altus Market Insights subscription agreement, structured as a three-year term at C$5 million per year [1].
Financial Considerations
The proceeds from the C$700 million transaction will serve multiple purposes for Altus Group, including debt reduction, innovation investments, shareholder capital returns, and corporate overhead restructuring [1][2]. The deal structure included protective measures, with a specified breach penalty of C$70 million that would have been payable by Ryan to Altus Group in case of purchaser breach [1].
Professional Advisors
The transaction was supported by several prominent financial and legal advisors. Evercore Inc. served as both financial advisor and fairness opinion provider for Altus Group, while RBC Capital Markets, LLC acted as financial advisor to Ryan, LLC. Legal counsel included Stikeman Elliott LLP, Cravath, Swaine & Moore LLP, and Travers Smith LLP for Altus Group, while Ryan, LLC was represented by Kirkland & Ellis LLP, Goodmans LLP, and Arnold & Porter Kaye Scholer LLP [1].