TORONTO 鈥� Altus Group Ltd. has signed a deal to sell its global property tax business to tax services and software company Ryan LLC for $700 million.
Ryan has also committed to an Altus Market Insights subscription deal at the close of the transaction, with an initial three-year term of $5 million per year.
Altus Group chief executive Jim Hannon says the deal positions the company to focus on its core analytics business for commercial real estate.
Once the deal is complete, Altus Group says it plans to use the proceeds to repay debt and pursue organic investments.
It also plans to increase the size of the company's share buyback program to $250 million from about $72 million.
Altus Group expects the deal to close in the first half of 2025, subject to customary closing conditions, including regulatory approvals.
This report by The Canadian Press was first published July 9, 2024.
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The Canadian Press
