Itron (Liberty Lake, Washington, U.S.) has signed an agreement to acquire all of the stock and convertible bonds of Actaris Metering Systems (Luxembourg). The purchase price, including debt, totals approximately US$1.6 billion. The acquisition is expected to close in the second quarter of 2007.

Actaris is a supplier of electricity, gas and water metering primarily outside of North America, while Itron is an automated meter reading (AMR) and electricity meter supplier in North America. The acquisition will enable Actaris to offer Itron's AMR and advanced metering infrastructure technologies, software and systems to customers outside North America. “This acquisition, which will more than double Itron's annual revenues, brings together two industry leaders and reunites two former Schlumberger divisions,” said LeRoy Nosbaum, chairman and CEO of Itron.

The acquisition will be subject to review by the Ukraine, Germany, Brazil, Spain and Portugal, which require filings regardless of competitive overlap.