Ryan to Acquire Altus Group’s Property Tax Services Business
2024年7月9日 - 8:29PM
ビジネスワイヤ(英語)
Ryan, a leading global tax services and software provider,
announced today it has entered into a definitive agreement to
acquire the Property Tax business of Altus Group Limited for CAD
$700 million in cash, which includes its property tax services and
software offerings in Canada, the United Kingdom, and the United
States. Ryan has also committed to enter into an Altus Market
Insights subscription agreement upon closing of the transaction for
CAD $5 million per year for a period of three years.
“This acquisition will provide benefits for both Altus’s
property tax clients and Ryan’s global clients from bolstered local
expertise powered by industry-leading technologies,” said G. Brint
Ryan, Chairman and CEO of Ryan. “Our dedication to providing
exceptional client service is unwavering as we continue to strive
to provide best-in-class offerings and services to all of our
stakeholders. Altus has built an impressive property tax business
that is highly regarded as a trusted advisor in the industry, and
we believe our clients will enjoy many enhanced benefits from our
combined platform. We look forward to welcoming the many talented
Altus team members to the Ryan family.”
Altus Group’s Property Tax business generated revenues of CAD
$263 million in full year 2023 and is expected to add approximately
975 team members worldwide. The acquisition will allow Ryan to
expand its scale in its European operations through the
establishment of UK property tax services, while providing more
expertise and capabilities throughout Canada and the United States.
The transaction will also afford Altus Group’s clients access to
Ryan’s value-added tax services across more than 50 global tax
disciplines.
“This transaction allows Altus Group to focus on the substantial
growth opportunities in our core Analytics business while ensuring
our property tax clients will continue to be well serviced by
Ryan’s leading capabilities,” said Jim Hannon, Chief Executive
Officer of Altus Group. “We believe Ryan is the best strategic fit
for our Property Tax business, and we’re confident our clients will
benefit from the expanded tax service offerings Ryan can provide
them.”
The transaction is subject to customary regulatory approvals and
other closing conditions.
RBC Capital Markets, LLC served as M&A advisor, and Kirkland
& Ellis LLP, Goodmans LLP, and Arnold & Porter Kaye Scholer
served as legal counsel to Ryan, LLC.
About Ryan
Ryan, an award-winning global tax services and software
provider, is the largest Firm in the world dedicated exclusively to
business taxes. With global headquarters in Dallas, Texas, the Firm
provides an integrated suite of federal, state, local, and
international tax services on a multijurisdictional basis,
including tax recovery, consulting, advocacy, compliance, and
technology services. Ryan is an 11-time recipient of the
International Service Excellence Award from the Customer Service
Institute of America (CSIA) for its commitment to world-class
client service. Empowered by the dynamic myRyan work environment,
which is widely recognized as the most innovative in the tax
services industry, Ryan’s multidisciplinary team of more than 4,800
professionals and associates serves over 30,000 clients in more
than 80 countries, including many of the world’s most prominent
Global 5000 companies. More information about Ryan can be found at
ryan.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240709721719/en/
Melodie Elliott Director, Public Relations Ryan, LLC
972.934.0022 Melodie.Elliott@Ryan.com