Stockholders of a San Jose, California-based smart utility company have approved its merger with Itron Inc., of Liberty Lake.
At a recent special meeting of Silver Spring Networks shareholders, roughly 68 percent of the holders of outstanding shares of common stock who were entitled to vote backed the proposed merger.
Itron agreed to pay $830 million to buy competitor Silver Spring Networks, or $16.25 per share for each outstanding share of Silver Spring Networks, which represented a 25 percent premium over the shares’ closing price Sept. 15.
The deal is expected to close early this year.
Itron has 8,000 employees worldwide, including 500 at its corporate headquarters in Liberty Lake. The company helps customers in more than 100 countries measure and control their water and energy use, officials said. Itron sells software and communication systems and provides management and consulting services.
Silver Spring Networks works globally in the smart utility and smart city sectors, with a customer list that includes U.S. and Asian utilities.
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