Itron (ITRI) Acquires Silver Spring To Boost IoT Platform
Zacks Investment Research | Jan 07, 2018 09:27PM ET
Itron, Inc. (NASDAQ:ITRI) has completed the acquisition of Silver Spring Networks, Inc. (NYSE:SSNI) for $830 million. The buyout of this Internet of Things (IoT) company is anticipated to strengthen Itron’s ability to deliver a broader set of solutions, accelerate the pace of growth and innovation in the smart city and industrial IoT markets.
In September 2017, Itron signed a definitive agreement to acquire all outstanding shares of Silver Spring for cash and $750-million new debt. For this, Itron has offered $300 million of 5% senior notes due 2026. The company intends to utilize the funds to refinance its existing indebtedness and Silver Spring’s indebtedness, as well as pay fees and expenses.
The above-mentioned deal is a significant merger in the IoT ecosystem, as both companies are heavily focused on internet-connected devices and solutions. This strong combination will address end-to-end solutions for customers by controlling energy and water resources.
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