Itron Clears Antitrust Review For Silver Spring Acquisition
Zacks Investment Research | Dec 05, 2017 08:53PM ET
Itron, Inc. (NASDAQ:ITRI) recently announced the expiry of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) pertaining to its pending acquisition of Silver Spring Networks, Inc. (NYSE:SSNI) . This development brings Itron a step closer to the closure of the acquisition. The transaction is expected to close in early 2018, pursuant to the compliance of other customary closing conditions as well as the approval of Silver Spring’s shareholders.
In September 2017, Itron signed a definitive agreement to acquire all outstanding shares of Silver Spring for $830 million. Through the deal, Itron will converge the companies’ best complementary technologies to provide streamlined solutions on standard-based platforms, enabling the combined entity to optimize industrial networks and deliver more solutions that enhance value for customers.
Also, the combined company’s engineering expertise, technology and deep data-domain know-how will drive innovation and support for customers. Itron anticipates approximately $50 million of annualized cost synergies within three years of closing this transaction.
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