Monday, September 18, 2017

Silver Spring Networks Acquired By Itron In $830M Deal

San Jose-based Silver Spring Networks has been acquired by smart utility meter maker Itron, in a deal worth $830M in cash, the two announced this morning. According to the companies, Itron will pay $16.25 per hare in cash for each share of Silver Spring Networks. Itron said Silver Spring had revenues of$311M in 2016, with a gross margin of 44 percent. Itro is financing the deal with existing cash, plus $750M in new debt provided by WElls Fargo. Itron was advised by Centerview Partners and Credit Suisse, along with Jones Day. Silver Spring was advised by Evercore and Fenwick & West LLP in the deal.