Altus Group Enters Into Agreement for the Purchase of Finance Active
Transaction Expected to Provide Altus Group with a Leading Debt Management SaaS Solution
TORONTO (March 9, 2021) – Altus Group Limited (TSX: AIF) (the “Company” or “Altus Group”), a leading provider of software, data solutions and independent advisory services to the global commercial real estate (“CRE”) industry, is pleased to announce that it has signed an agreement (the “Agreement”) regarding the proposed purchase of Finance Active SAS (“Finance Active”), a leading provider of debt management SaaS solutions for CRE treasury and investment management. The Company previously announced on February 24, 2021 that it was in exclusive negotiations to acquire Finance Active.
Pursuant to the Agreement, Altus Group has made a firm and binding offer to acquire 100% of Finance Active for a proposed purchase price of €100million (on a debt free, cash free basis, and subject to adjustments), to be paid primarily in cash. The ultimate shareholders of Finance Active may accept the offer and put their shares to Altus Group for purchase subject to completion of the Works Council Process (defined below).
Founded in 2000, Finance Active is a leading European provider of SaaS debt and financial risk management solutions for CRE treasury and investment management. The company is headquartered in Paris, France and serves over 3,000 customers across Europe, including public entities, corporations and financial institutions. In 2020, Finance Active generated gross revenue of approximately €25million. If the acquisition is completed, Finance Active’s team would join the Company’s Altus Analytics business.
The cash portion of the purchase price will be funded primarily by drawing down on the Company’s credit facility.
Pursuant to the requirements of French Law and as documented in the Agreement, Finance Active must undertake an information and consultation process with its Works Council (“Works Council Process”) prior to the ultimate shareholders of Finance Active accepting the offer and signing the definitive share purchase agreement. Under the terms of the Agreement, the vendors have agreed to exclusivity covenants in favour of Altus Group extending to December 31, 2021.
The definitive share purchase agreement will contain other conditions that must be satisfied before the transaction is completed, including approval of the Toronto Stock Exchange. It is anticipated that, if completed, the transaction will close in the second quarter.
Camilla BartosiewiczBartosiewiczVice President, Investor Relations
Elizabeth LambeLambeSenior Manager, Global Communications
About Altus Group
Altus Group Limited is a leading provider of software, data solutions and independent advisory services to the global commercial real estate industry. Our businesses, Altus Analytics and Altus Commercial Real Estate Consulting, reflect decades of experience, a range of expertise, and technology-enabled capabilities. Our solutions empower clients to analyze, gain insight and recognize value on their real estate investments. Headquartered in Canada, we have approximately 2,200 employees around the world, with operations in North America, Europe and Asia Pacific. Our clients include many of the world’s largest commercial real estate industry participants. Altus Group pays a quarterly dividend of $0.15 per share and our shares are traded on the Toronto Stock Exchange under the symbol AIF.