TPG To Acquire Peppertree In Cash And Equity Deal Worth Up To $660M; Deal Also Includes Earnouts Based On Peppertree's Future Performance Valued At Up To $300M

Strategic Transaction Drives Continued Diversification of TPG with Further Expansion into Digital Infrastructure

Peppertree to Benefit from TPG's Scale, Relationships, and Deep Adjacent Internet and Communications Expertise

TPG Inc. (NASDAQ:TPG), a leading global alternative asset management firm, and Peppertree Capital Management, Inc. ("Peppertree"), a leading specialized digital infrastructure investment firm with a focus on wireless communications towers, today announced that they have entered into a definitive agreement under which 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 million1 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.