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UPDATED: Toronto-based Altus Group (AIF-T) has acknowledged it is undergoing a “strategic review” in response to a media report that it is considering a “potential transaction” for the company.
Altus is a data, analytics, applications and commercial real estate services provider which operates globally through a network of offices and approximately 2,000 employees.
The article about the potential sale, reported by Reuters and which appeared in the Toronto-based Globe and Mail, indicates Altus received an inbound offer to acquire the firm but does not state the potential buyer.
“Altus Group periodically undertakes a strategic review to maximize stakeholder value. The Company is in the process of a review which includes but is not limited to acquisitions, divestitures, and a sale or merger of the Company,” the statement from Altus reads. “The Company’s board of directors is committed to acting in the best interests of the Company and its stakeholders.”
Altus stated in its announcement it does not plan to make any further comment about the situation, except as required under its regulatory obligations.
Altus stock rises on transaction news
In morning trading on the TSX Altus Group stock was up significantly on the news, above $61 after opening at $58.16. It had eclipsed its previous 52-week high of 61.09, while its low during the past year was 46.36. Earlier in the week Altus had been trading as low as $52.51, down about five per cent after announcing its Q2 2025 earnings.
In 2024, Altus was involved in a major transaction when it sold its global property tax business to international tax services and software provider Ryan, LLC for approximately $700 million. At the time, Altus management said the sale was part of a strategy to transform the firm into a pure-play commercial real estate software, data and analytics platform.
At the time, Altus Group CEO Jim Hannon predicted a period of rising cash flow post closing of the Ryan transaction, forecasting “high single-digit consolidated revenue growth with expanding margins and higher cash-flow conversion," through 2026.
It its recent Q2 call, despite the slowdown in some aspects of the commercial real estate industry, Altus continued to forecast double-digit revenue growth. It had $383 million in cash at the end of the quarter, and a 1.26x debt-to-EBITDA ratio.
The company's flagship ARGUS platform is widely utilized across the commercial real estate industry, providing intelligence, property valuation and cash flow forecasting, property development feasibility and management tools, data analytics and other functions. It also offers the Fairways Debt and Forbury platforms.
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