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Itron Completes Acquisition of Actaris Metering Systems

Itron, Inc. has completed the acquisition of Actaris Metering Systems for €800 million plus the retirement of debt, or $1.7 billion.

“We are delighted to announce the completion of the Actaris acquisition,” said LeRoy Nosbaum, chairman and CEO. “In talking with customers, investors and employees over the past two months it is apparent that this is the right acquisition at the right time.”

Actaris is a leader in electricity, gas and water metering, primarily outside of North America. Itron is a supplier of AMR systems and electricity meters in North America. The combined company will be one of the largest electricity, gas and water metering companies in the world. This acquisition will allow Actaris to offer Itron’s AMR and advanced metering infrastructure (AMI) technologies, software and systems expertise to customers outside of North America, and expand Actaris gas and water meter opportunities in North America. The combined company will have more than 8000 utility customers, 33 manufacturing facilities, customers in more than 60 countries and have more than 8500 employees.

The acquisition was financed by a $1.2 billion senior secured credit facility from UBS Investment Bank. The facility comprises a $605 million first lien U.S. denominated term loan; a €335 million first lien Euro denominated term loan; a £50 million first lien Sterling denominated term loan; and a $115 million multicurrency revolving line-of-credit, which was undrawn at close.

Actaris will continue to operate fundamentally as it does today. Malcolm Unsworth, Itron’s former vice president of Hardware Solutions, has moved to Brussels to assume the day-to-day operations of the company as Actaris’ senior vice president and chief operating officer. Actaris will continue to operate electric, gas and water businesses. Itron will report financial results for Actaris as a standalone business with these three operating segments, in addition to reporting financial results for Itron’s previously established hardware and software segments with sales and operations primarily concentrated in North America. Philip Mezey, Itron’s former vice president of Software Solutions, will become senior vice president and chief operating officer of Itron’s North American operations.

Itron will announce financial results for the first quarter of 2007 on May 2, 2007, and during that call will discuss the Actaris transaction in more detail.

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