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Comverge To Be Acquired By Metering, Tech Company
May 09,2017 Itron, Inc. announced that it has signed a definitive agreement to acquire privately held Comverge by purchasing its parent company, Peak Holding Corp., in a cash transaction valued at approximately $100 million. The acquisition adds demand response to Itron's existing suite of gas, water, electricity and smart cities solutions Combined offerings enabled through the acquisition, "will enable utilities to better integrate distributed energy resources and optimize grid performance and reliability," said Philip Mezey, Itron’s president and chief executive officer. Comverge has enrolled and deployed nearly 3 million energy management devices into mass market demand management programs. In 2016, the company generated $60 million in revenue. "By integrating with Itron’s platform, we create a more compelling offer that leverages data and analytics to optimize the management of distributed energy resources, delivering even greater customer value," said Gregory Dukat, Comverge’s chairman, president and chief executive officer. Excluding acquisition and integration-related costs, amortization of acquired intangible assets and purchase accounting adjustments, Itron anticipates the acquisition will be neutral to non-GAAP earnings per share in 2017 and accretive beginning in 2018. The transaction is expected to close in the second quarter of 2017, subject to customary closing conditions.
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