Monday, September 18, 2017

Itron Buys Silver Spring Networks For $830M

Liberty Lake, Washington-based Itron, and San Jose, California-based Silver Spring Networks said today that they are in a deal, where Itron will pay approximately $830M in cash for Silver Spring. The two said that Itron will pay $16.25 per share in cash for each outstanding share of Silver Spring Networks, a developer of Internet-of-Things connectivity products for the "smart city" market. Itron said Silver Spring had revenues of $311M in 2016, with a gross margin of 44 percent.