Canada’s Altus Group has signed a definitive agreement to sell its property tax business to U.S.-based Ryan for C$700 million, the companies announced Tuesday.

In addition to agreeing to buy the property tax business, Ryan has committed to enter a C$15-million Altus market insights service subscription agreement at the close of the transaction, with an initial three-year term of C$5 million per year.

Toronto-based Altus is a leading global provider of commercial real estate asset and fund intelligence. Dallas-based Ryan is a leading global tax services and software provider.

“This transaction strategically positions Altus Group to focus on the substantial growth opportunities in our core Analytics business unit to enhance revenue growth, expand margins, and increase cash flows,” said Jim Hannon, CEO of Altus in a news release. “We are monetizing the value of our property tax business today so that we can invest in higher-value growth opportunities at a time when market demand for asset intelligence is accelerating and CRE investment activity is set to pick up.”

Brint Ryan, chairman and CEO of Ryan, said the acquisition and his company’s subscription for market insights will “significantly” bolster the firm’s property management business.

Altus said the proposed transaction sharpens the company’s focus on analytics, enhances its financial and operational flexibility and strengthens its financial profile. The company expects the transaction to close in the first half of 2025, subject to customary closing conditions and regulatory approvals. The closing is not subject to any financing conditions.

Altus plans to use the sale proceeds to strengthen its balance sheet by paying down its debt, which stood at C$328.6 million at the end of March; facilitate investments; return capital to shareholders and restructure corporate overhead.