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Smart Metering Systems acquires electricity meters for £8.3m
StockMarketWire.com
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Meter installer Smart Metering Systems said it had agreed to acquire around 15,000 I&C large power electricity meters for £8.3 million.
The assets had an average life of 4.6 years and would add £1.1 million of meter rental.
As part of the transaction, scheduled to complete in early April, the company would also take ownership of data service contracts associated with over 20,000 meters.
Those initially would generate a further £2 million of long-term indexed-linked annualised recurring revenues.
Smart Metering Systems also said it had won contracts with two energy suppliers, which it didn't name.
Those contracts enhanced the company's smart meter order pipeline to about 2.5 million meters, it said.
At 9:52am: (LON:SMS) Smart Metering Systems PLC share price was 0p at 594p
Story provided by StockMarketWire.com
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