NEWS: Acquisition $7.20/sh
Iteris to Be Acquired by Almaviva for $335 Million
Iteris, Inc. (NASDAQ: ITI), a leader in smart mobility infrastructure management, has announced its acquisition by Almaviva S.p.A., an Italian digital innovation group, in an all-cash transaction valued at approximately $335 million.
Iteris, Inc. (NASDAQ: ITI), a leader in smart mobility infrastructure management, has announced its acquisition by Almaviva S.p.A., an Italian digital innovation group, in an all-cash transaction valued at approximately $335 million.
Iteris shareholders will receive $7.20 per share, representing a 68% premium to the closing share price on August 8, 2024.
The transaction, unanimously approved by Iteris' Board of Directors, is expected to close in 2024, subject to shareholder and regulatory approvals.
Iteris' ClearMobility Platform, used by over 10,000 public agencies and private enterprises, will benefit from Almaviva's global network and digital innovation expertise. Upon completion, Iteris will become a privately held company and delist from Nasdaq.
The acquisition aims to enhance Iteris' position in intelligent transportation systems and expand the global adoption of its technology.
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