By Ian Walker
Smart Metering Systems has agreed to a 1.3 billion-pound ($1.63 billion) takeover by Sienna Bidco, a new company owned by funds advised by private-equity firm KKR.
Under the deal, accepting shareholders of the energy infrastructure company will get 955 pence in cash for each share held. The price is a 40% premium to Wednesday’s closing price of 680 pence.
“KKR’s offer recognizes the strength and resilience of our model and will ensure SMS has the necessary capital to accelerate and unlock its full growth potential,” Chief Executive Tim Mortlock said Thursday.
Write to Ian Walker at ian.walker@wsj.com
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