Itron will all outstanding shares of Silver Spring for $16.25 per share in cash in a transaction valued at $830 million, excluding $180 million in Silver Spring cash.
Itron is funding the deal, fully underwritten by Wells Fargo, with cash and $750 million in incremental debt. Centerview Partners and Credit Suisse are the financial advisers to Itron, while Evercore is the financial adviser to Silver Spring.
The deal has been unanimously approved by both companiesâ€™ boards of directors, but still requires Silver Spring stockholder approval and federal approval to move forward. The deal is expected to close late this year or in early 2018.