KKR Acquires UK's Smart Metering Systems in £1.3bn Deal

The takeover, representing a 40% premium on SMS's share price, is expected to lead to the company's delisting from the London Stock Exchange.

US private equity firm KKR has agreed to a £1.3bn ($1.63bn) takeover of UK-based Smart Metering Systems (SMS), a major player in the smart meter market.
The deal represents a 40% premium on SMS's closing share price on Wednesday, and is expected to result in SMS delisting from the London Stock Exchange.
SMS, which has a long-term contract to install smart meters for British Gas, owns and operates smart meters in homes, earning a recurring fee from energy suppliers for devices once they are installed.
The acquisition is seen as a strategic move by KKR to capitalise on the UK’s net zero goals, as SMS also builds battery storage systems and electric vehicle chargers.
The deal is the latest in a series of high-profile takeovers of UK companies, fuelling concerns that the London Stock Exchange is undervaluing firms.