DENVER, Colo., 09 August, 2024 (247marketnews.com) – (NASDAQ:ITI) are discussed in this article.
Iteris, Inc. (NASDAQ:ITI), renowned for its leadership in smart mobility infrastructure management, has announced a definitive merger agreement with Almaviva S.p.A., a prominent Italian digital innovation group. This strategic acquisition is valued at approximately $335 million and entails an all-cash transaction where Iteris shareholders will receive $7.20 per share, reflecting a roughly 68% premium over Iteris’ closing share price on August 8, 2024.
The news of this acquisition has ignited significant market activity, with Iteris’ pre-market share price soaring to $7.016, marking a dramatic 63.90% increase from its previous close price of $4.28. This surge, coupled with a considerable spike in trading volume to 1.0 million, underscores strong investor confidence and interest in Iteris’ future prospects under Almaviva’s ownership.
Iteris serves an extensive global clientele, providing innovative solutions through its AI-driven ClearMobility Platform, which encompasses advanced detection sensors, traffic data, and software-as-a-service offerings. This merger with Almaviva, which operates 30 companies in 79 locations worldwide, is poised to advance Iteris’ capabilities in intelligent transportation and digital mobility.
Joe Bergera, President and CEO of Iteris, expressed optimism about the merger, stating, “This announcement marks an exciting next chapter for Iteris and all of our stakeholders. Almaviva shares our vision for the future of digital mobility and our dedication to excellence.” He emphasized that this transaction would bolster the continued innovation and global adoption of Iteris’ ClearMobility Platform.
The merger, expected to finalize in 2024, is contingent upon Iteris shareholder approval, regulatory reviews, and customary closing conditions. Almaviva will fund the acquisition through committed debt financing, and post-merger, Iteris will transition to a privately held company, terminating its NASDAQ trading status.
Financial and legal advisories for the transaction include Morgan Stanley & Co. LLC and Latham & Watkins LLP for Iteris, with Almaviva being advised by Goldman Sachs Bank Europe SE and legal teams from King & Spalding LLP, Legance – Avvocati Associati, and Linklaters. Furthermore, EY Advisory S.p.A. is providing accounting and fiscal counsel to Almaviva. For comprehensive details on the merger agreement, stakeholders are advised to review Iteris’ current report on Form 8-K with the U.S. Securities and Exchange Commission (SEC).
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