ITRON, INC. acquired Actaris Metering Systems SA for approximately $1.7 billion (€800 million plus retirement of approximately €445 million of debt), a transaction completed in April 2007, structured as all cash (cash on hand, credit facilities and a $235 million private placement of equity).
Actaris Metering Systems SA operates in Electricity, gas and water metering (international), is based in Luxembourg-headquartered; operations primarily outside North America, had revenue of about Combined 2006 pro forma revenues would have exceeded $1.6 billion (Actaris was the larger metering contributor outside North America). Luxembourg-based Actaris was a global leader in electricity, gas and water metering, primarily outside North America. The combination created one of the largest electricity, gas and water metering companies in the world, with more than 8,000 utility customers, 33 manufacturing facilities, customers in more than 60 countries and more than 8,500 employees.
Acquisition of Luxembourg-based Actaris will create a worldwide market leader with more than 8,000 utility customers, expand Itron's product offerings and increase access to global markets for electricity, gas and water meters and automated meter reading (AMR) technology; combined company revenues and EBITDA in 2006 would have exceeded $1.6 billion and $274 million on a pro forma basis.
Actaris gave Itron the global manufacturing footprint and gas/water meter lines it lacked, instantly making the combined company a worldwide metering leader. Cross-selling Itron's AMR/AMI technology, software and systems to Actaris customers outside North America, and expanding Actaris gas and water meter opportunities into North America. Combined into Itron's global metering operations
We are delighted to announce the completion of the Actaris acquisition. In talking with customers, investors and employees over the past two months it is apparent that this is the right acquisition at the right time.LeRoy Nosbaum, Chairman and CEO, Itron, Inc.
The combination of Itron and Actaris will create opportunities for both companies, for our customers and for our investors and we are looking forward to making the most of those opportunities.LeRoy Nosbaum, Chairman and CEO, Itron, Inc.
Advisory firms were not disclosed for this transaction.