FX.co ★ Iteris To Be Taken Private By Italy's Almaviva In $335 Mln Cash Deal

Iteris, Inc. (ITI), a provider of smart mobility infrastructure management solutions, announced on Friday that it has signed a definitive merger agreement to be acquired by the private Italian digital innovation group Almaviva S.p.A. The all-cash transaction values the equity of Iteris at approximately $335 million.

According to the terms of the agreement, Iteris shareholders will receive $7.20 in cash for each share of common stock they hold.

The cash purchase price represents a premium of approximately 68% over the company's closing share price on August 8. The transaction has received unanimous approval from the Iteris Board of Directors and will be recommended to shareholders.

Subject to shareholder approval, regulatory consents, and other customary closing conditions, the deal is anticipated to conclude in 2024.

Upon the completion of the transaction, Iteris will operate as a privately held company, and its common stock will cease trading on the Nasdaq.

Almaviva plans to finance the acquisition using committed debt financing, and the transaction is not contingent upon securing financing.

Iteris highlighted that its AI-powered ClearMobility Platform is trusted by over 10,000 public agencies and private-sector enterprises to monitor, visualize, and optimize their mobility infrastructures.

Joe Bergera, President and CEO of Iteris, stated, "Almaviva shares our vision for the future of digital mobility and our commitment to excellence. With this transaction, our team will be strongly positioned to continue to innovate and expand the global adoption of our ClearMobility Platform."

Morgan Stanley & Co. LLC is serving as the financial advisor to Iteris, while Goldman Sachs Bank Europe SE's Italian office is advising Almaviva.