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

(RTTNews) - Iteris, Inc. (ITI), a provider of smart mobility infrastructure management solutions, on Friday announced that it has entered into a definitive merger agreement to be acquired by private Italian digital innovation group Almaviva S.p.A. in an all-cash transaction worth around $335 million equity value.

Under the deal terms, Iteris shareholders will receive $7.20 in cash for each share of its common stock.

The cash purchase price represents a premium of around 68% to the company's closing share price on August 8. The transaction was unanimously approved and will be recommended to its shareholders by the Iteris Board of Directors.

The deal is expected to close in 2024, subject to approval by Iteris shareholders, required regulatory approvals and other customary closing conditions.

Upon completion of the transaction, Iteris will become a privately held company, and its common stock will no longer be traded on Nasdaq.

Almaviva intends to finance the purchase using committed debt financing. The transaction is not subject to a financing condition.

Iteris noted that over 10,000 public agencies and private-sector enterprises rely on the company's AI-powered ClearMobility Platform to monitor, visualize and optimize their mobility infrastructures.

Joe Bergera, President and CEO of Iteris, said, "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."

In the deal, Morgan Stanley & Co. LLC is acting as financial advisor to Iteris, and Goldman Sachs Bank Europe SE, Italian office is acting as financial advisor for Almaviva.