Iteris to be acquired by Almaviva in $335M all-cash transaction

Iteris announced that it has entered into a definitive merger agreement to be acquired by Almaviva, a private Italian digital innovation group, in an all-cash transaction valuing Iteris at approximately $335M equity value. Under the terms of the agreement, Iteris shareholders will receive $7.20 in cash for each share of Iteris common stock. The cash purchase price represents a premium of approximately 68% to the company’s closing share price on August 8. The transaction was unanimously approved and will be recommended to its shareholders by the Iteris board of directors. The transaction is expected to close in 2024, subject to approval by Iteris shareholders, required regulatory approvals and other customary closing conditions. Almaviva intends to finance the transaction using committed debt financing. The transaction is not subject to a financing condition. Upon completion of the transaction, Iteris will become a privately held company, and its common stock will no longer be traded on Nasdaq.