LONDON (dpa-AFX) - The boards of Sienna Bidco Limited, a newly formed company wholly-owned by funds advised by Kohlberg Kravis Roberts & Co. L.P. and its affiliates, and Smart Metering Systems plc have reached agreement on the terms of a recommended all cash acquisition of the entire issued and to be issued ordinary share capital of SMS by Bidco. Upon completion, SMS will be wholly-owned by Bidco. SMS shareholders who are on the register of members of SMS at the Scheme Record Time shall be entitled to receive: for each SMS share, 955 pence in cash. The deal values the entire issued and to be issued ordinary share capital of SMS at approximately 1.3 billion pounds on a fully diluted basis, and this implies an enterprise value of approximately 1.4 billion pounds.
The SMS Directors intend to recommend that SMS shareholders vote in favour of the Scheme at the Court Meeting and that SMS Shareholders vote in favour of the Special Resolutions to be proposed at the SMS General Meeting.
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