Nasdaq-listed Iteris, a provider of smart mobility infrastructure management solutions, is set to go private through a $335m worth deal with Italian digital innovation group Almaviva.
The transaction entails a cash payment of $7.2 per share to Iteris shareholders, representing a 68% premium over the closing share price as of 8 August 2024.
The acquisition of Iteris by Almaviva is viewed as a strategic expansion for the latter, which already has a global presence with 30 companies and 79 offices around the world.
Almaviva focuses on digital transformation across a variety of sectors, working to enhance digital reputation management and develop technologies centred on human needs.
Iteris is said to play a crucial role in the smart mobility sector, supporting over 10,000 public agencies and private enterprises with its artificial intelligence (AI) powered ClearMobility Platform, which facilitates the optimisation of mobility infrastructures.
The acquisition is set to conclude in 2024, pending approval from Iteris shareholders, necessary regulatory sanctions, and other standard closing conditions.
Almaviva has secured committed debt financing for this acquisition, which is not contingent upon financing conditions. Post-completion, Iteris will operate as a privately held company, and its shares will cease trading on the Nasdaq.
In advisory roles, Morgan Stanley & Co. and Latham & Watkins are providing financial and legal services to Iteris. Conversely, Almaviva is advised financially by Goldman Sachs Bank Europe’s Italian office and legally by King & Spalding, Legance – Avvocati Associati, Linklaters, and on accounting and fiscal matters by EY Advisory.
Recently, Iteris was selected by the City of Lakeland, Florida, to implement smart mobility infrastructure technologies aimed at enhancing the city’s Intersection Crash Avoidance Safety Program (iCASP).
This initiative involves deploying Iteris’ Vantage Next, a video detection system, and VantageLive! a web-based service that enables data analysis at intersections, thus reducing the need for manual data collection. This technology suite is designed to bolster proactive safety measures against red light infractions within the city.
