Itron and Silver Spring Networks announced that the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) with respect to Itron’s acquisition of Silver Spring Networks has expired.
The expiration of the HSR Act waiting period satisfies one of the conditions to the closing of the pending acquisition, which remains subject to other customary closing conditions, including the approval of Silver Spring’s stockholders.
Both companies expect to close the transaction in early 2018.
In view of this development, Itron also announced the commencement of a private offering of $300 million aggregate principal amount of senior notes due 2025.
The net proceeds from the offering of the Notes, together with cash on hand and borrowings under the Company’s senior credit facilities, will be used to support the financing of the merger consideration for the acquisition of Silver Spring Network.