Italian digital innovation group Almaviva has announced an agreement to acquire U.S. smart mobility infrastructure management company Iteris in an all-cash deal valued at $335 million.
Under the agreement, Iteris shareholders will receive $7.20 in cash for each share of common stock, representing a premium of approximately 68% over the company’s closing share price on August 8, 2024.
The Iteris board of directors has unanimously approved the transaction and will recommend it to shareholders. The deal is expected to close in 2024, pending shareholder approval, regulatory clearances, and other customary conditions. Almaviva plans to finance the acquisition through committed debt financing, with no financing condition attached to the deal. Once completed, Iteris will become a privately held company, and its shares will be delisted from Nasdaq.
