UK's Smart Metering Systems agrees to $1.63 billion takeover offer

© Reuters.

(Reuters) -British energy infrastructure firm Smart Metering Systems (SMS) (L:) said on Thursday a company owned by funds advised by KKR and its affiliates will take it private in an all-cash deal of about 1.3 billion pounds ($1.63 billion).

The 955 pence-per-share offer represents a premium of 40.4% to the London-listed stock’s Wednesday close.

SMS said its directors intend to unanimously recommend that the shareholders vote in favour of the deal.

“KKR believes that SMS, under private ownership, will be able to accelerate its growth and continued transition from a metering provider and grid-scale battery storage operator to a fully integrated, end-to-end energy infrastructure company,” the U.S.-based investment firm said in a joint statement.

Glasgow-headquartered SMS is listed in London’s junior market and employs about 1,500 people, primarily in the UK.

($1 = 0.7964 pounds)


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