Private equity funds advised by Kohlberg Kravis Roberts & Co LP on Thursday declared their takeover offer for Smart Metering Systems PLC final, saying the cash offer, which the Smart Metering has accepted, won’t be increased.
Smart Metering Systems is a Glasgow-based utility connection, smart metering, and energy management provider.
It said on Thursday its index-linked annualised recurring revenue grew 17% to GBP113.4 million as of December 31 from GBP97.1 million a year before.
Smart Metering expects pre-exceptional earnings before interest, tax, depreciation and amortisation and underlying pretax profit both to be in line with the board’s expectations in 2023. It did not provide detail. It remains confident in its 2024 and medium-term outlook.
Smart Metering Systems in December had agreed to the KKR offer of 955 pence per share. The offer values the firm’s entire share capital at approximately GBP1.3 billion, which SMS had said implies an enterprise value of approximately GBP1.4 billion.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
Smart Metering shareholders had been scheduled to vote on Monday next week on the scheme of arrangement for the takeover, but KKR on Thursday said it is switching to a takeover offer, so the court and general meetings are not longer needed and will only deal with the discontinuation of the scheme.
Smart Metering shares were up 5.4% to 949.00 pence each on Thursday afternoon in London.
Source: MorningStar
Can’t stop reading? Read more
KKR leads $610m bid for Nissan HQ as carmaker seeks cash lifeline
KKR leads $610m bid for Nissan HQ as carmaker seeks cash lifeline KKR has emerged as the...
$1.4bn take-private: Authentic Brands and Marciano brothers secure Guess
$1.4bn take-private: Authentic Brands and Marciano brothers secure Guess Guess is set to go...
TPG anchors launch of Vanara, ex-employee-led tech growth investor
TPG anchors launch of Vanara, ex-employee-led tech growth investor TPG is anchoring the launch of...