08:11 AM EST, 01/02/2025 (MT Newswires) -- Altus Group ( ASGTF ) , a provider of asset and fund intelligence for commercial real estate, said Thursday that it closed the sale of its global property tax business to Ryan LLC for $700 million.

Altus said it will use the proceeds to pay down debt to targeted ratios, invest in innovation, return capital to shareholders, and restructure corporate overhead.

"This transaction accelerates our transformation into a pure-play software, data and analytics platform," CEO Jim Hannon said. "Our strengthened balance sheet enables us to continue evaluating high-quality strategic acquisitions."