TORONTO 鈥� Altus Group Ltd. says it has closed a deal with tax services and software company Ryan LLC to sell its global property tax business for $700 million.
Altus Group chief executive Jim Hannon says the transaction, originally announced last July, accelerates the company's "transformation into a pure-play software, data and analytics platform."
He says Altus Group will use the net proceeds from the deal to pay down debt to targeted ratios, invest in innovation, return capital to shareholders, and restructure corporate overhead.
It had also planned to increase the size of the company's share buyback program to $250 million from about $72 million.
Ryan had 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.
The deal is subject to customary post-closing adjustments.
This report by The Canadian Press was first published Jan. 2, 2025.
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