Itron announced Monday that it will purchase Actaris Metering Systems for $1.6 billion. The price includes a $1.05 billion purchase price and $584 million of debt.
The deal is expected to close in the second quarter 2007.
“Our acquisition of Actaris is the perfect choice to combine their quality meters and established distribution channels with our expertise, which will ultimately bring more value to customers around the globe,” said LeRoy Nosbaum, chairman and CEO.
Actaris focuses on electricity, gas and water metering, primarily outside North America. For 2006, Actaris had revenues of nearly $1 billion.
Itron is a North American electricity meter supplier.
The combination of the two companies will create one of the world’s largest metering companies.