Smart Metering Systems agrees to $1.63 billion takeover offer
SMS, headquartered in Glasgow and listed on London's junior market, employs around 1,500 individuals primarily in the UK.
Smart Metering Systems (SMS), a British energy infrastructure company, announced on Thursday that it has accepted a takeover offer worth approximately £1.3 billion ($1.63 billion) from a company owned by funds advised by KKR and its affiliates.
The deal, valued at 955 pence per share, reflects a premium of 40.4 per cent over the closing price of SMS stock on the previous day.
In a joint statement, KKR emphasized its belief that taking SMS private will enable the company to expedite its growth and transform into a fully integrated, end-to-end energy infrastructure company.
The US-based investment firm sees this move as a strategic step for SMS to evolve beyond its current roles as a metering provider and grid-scale battery storage operator.
SMS, headquartered in Glasgow and listed on London's junior market, employs around 1,500 individuals primarily in the UK.
The board of directors at SMS is set to unanimously recommend that shareholders vote in favor of the acquisition.
(With Reuters Inputs)
Published By : Tanmay Tiwary
Published On: 7 December 2023 at 13:15 IST