Campbell Lutyens advises TPG on definitive agreement to acquire Peppertree Capital Management
London (May 6, 2025) -- Campbell Lutyens advised TPG Inc. (NASDAQ: TPG), a leading global alternative asset management firm, on its definitive agreement to acquire Peppertree Capital Management, Inc. (“Peppertree”), a leading specialized digital infrastructure investment firm with a focus on wireless communications towers.
Under the terms of the agreement, TPG will acquire the Peppertree business in a cash and equity transaction estimated to include up to $242 million in cash and up to $418 million in equity, payable at closing, in each case, subject to certain adjustments. The transaction also includes earnouts based on Peppertree’s future performance valued at up to $300 million.
The definitive agreement underscores TPG’s continued focus on strategic diversification with further expansion into digital infrastructure. The transaction is subject to statutory closing conditions and is expected to complete in Q3 2025.