United States: Itron Announces Agreement to Acquire Silicon Energy
Itron Inc. (Spokane, Washington) has signed a definitive merger agreement to acquire Silicon Energy for a total consideration of US$71.2 million. The transaction is expected to close by the end of February 2003.
Silicon Energy (Alameda, California) provides enterprise energy management solutions that enable utilities, energy service providers, governments, and commercial and industrial (C&I) energy users to efficiently manage and apply energy consumption data, optimize the delivery and use of energy, mitigate risk, control energy costs and optimize energy procurement.
Silicon Energy's solutions are already integrated with Itron's MV-90 software systems at the majority of Silicon Energy's 20 utility customers. More than 500 U.S. utilities use Itron's MV-90 software to collect usage and event data from C&I metering points.
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