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Iteris, Inc.‘s (NASDAQ:ITI) stock surged Friday morning after private Italian digital innovation group Almaviva S.p.A. agreed to acquire the company in a $335 million all-cash deal.
As per the terms, Iteris shareholders will receive $7.20 per share. The cash purchase price represents a 68% premium over Iteris’s closing share price on August 8, 2024.
The Iteris Board of Directors unanimously approved the transaction and will recommend it to shareholders.
The transaction, expected to close in 2024 pending Iteris shareholder approval, regulatory approvals, and other conditions, will be financed by Almaviva through committed debt.
Following completion, Iteris will become privately held, and its common stock will be delisted from Nasdaq.
Joe Bergera, President and CEO of Iteris, said, “Iteris has been a pioneer and leader in intelligent transportation systems for more than 15 years and the agreement we reached with Almaviva is a testament to the grit, determination and innovative spirit of our entire team.”
“Almaviva shares our vision for the future of digital mobility and our commitment to excellence. With this transaction, our team will be strongly positioned to continue to innovate and expand the global adoption of our ClearMobility Platform.”
Yesterday, the company reported first-quarter FY25 adjusted EPS of $0.06, beating the consensus of $0.05. Sales of $45.8 million exceeded the street view of $44.182 million.
As of June-end, Iteris’ cash and cash equivalents stood at $21.4 million.
The company reiterated revenue guidance of $188.0 million – $194.0 million (vs. estimate of $189.257 million) for FY25 and expects second-quarter revenues of $44.0 million – $48.0 million (vs. $47.78 million estimate).
Price Action: ITI shares are up 62% at $6.94 premarket at the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Posted In: ITI
