Iteris (NASDAQ:ITI) stock is soaring higher on Friday after the intelligent transportation systems technology solutions company announced a new acquisition deal.
This will see Iteris be acquired by the private digital innovation group Almaviva. It will use cash to purchase Iteris for $335 million.
That offer has Almaviva valuing shares of ITI stock at $7.20 each. This represents a roughly 68% premium to the stock’s prior closing price.
Joe Bergera, president and CEO of Iteris, said the following about the deal:
“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.”
ITI Stock Acquisition Details
Iteris’ board of directors has given its unanimous support to the acquisition by Almaviva. Not the deal just needs approval from regulators and shareholders of ITI stock. If all of that is obtained, the two companies expect the deal to close sometime this year.
ITI stock is up 64% as of Friday morning. Investors will also note that the shares will go private once this deal closes.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
