Altus Group Ltd. has completed the sale of its global property tax business to tax services and software company Ryan LLC for $700 million. The transaction, initially announced in July 2023, allows Altus Group to focus on becoming a software, data, and analytics platform. Altus Group CEO Jim Hannon stated that the company will use the proceeds to reduce debt, invest in innovation, return capital to shareholders, and restructure corporate overhead.
They also intend to increase their share buyback program to $250 million from approximately $72 million. Ryan LLC has committed to a three-year subscription deal with Altus Market Insights, valued at $5 million annually. This report by The Canadian Press was first published on January 2, 2025
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