- Strategic initiative to broaden markets, expand client base, and drive U.S. growth through proprietary Mobility solutions
- CEO Marco Tripi: “We’re strengthening our international presence in the IT market”
- Issuing a €725 million (approx. $784M) bond to fully finance the acquisition while refinancing a €350 million (approx. $378M) bond maturing in 2026.
Almaviva, the Italian digital innovation group, announces the acquisition of 100% of the share capital of Iteris, a U.S.-based company listed on Nasdaq (ITI.O). Iteris provides smart mobility infrastructure management solutions for both public and private sector clients across North America.
“This acquisition reflects Almaviva Group’s ongoing strategy to strengthen its presence in high-growth, technology-driven markets,” stated Marco Tripi, CEO of Almaviva Group. “This new strategic move enhances our international standing, particularly in the sustainable mobility sector. Almaviva is already leading significant mobility projects across the Middle East, the UK, various European countries, the Americas, and North Africa. We are proud to be the only Italian tech company pursuing a truly global industrial strategy, with a strong focus on expanding our footprint in the United States.”
Iteris, a pioneer in intelligent transportation systems, offers software, digital platforms, and professional consulting services. Founded in 1969 in California, the company is headquartered in Austin, Texas, and has approximately 425 employees with an annual revenue of $180 million. Iteris’s solutions empower public transit agencies, municipalities, commercial entities, and other transportation infrastructure providers to monitor, manage, and optimise mobility systems, making them safer, more efficient, and sustainable. With a comprehensive range of mobility infrastructure management solutions, Iteris serves clients across the U.S. and internationally.
The strategic value of this acquisition lies in the strong integration of technology and business. Almaviva is enhancing its expertise, product offerings, and solutions by introducing its proprietary Moova sustainable mobility platform and Italian know-how to the North American market, further solidifying its position in the global transportation and logistics landscape.
The transaction is valued at approximately $335 million, with a purchase price of $7.20 per share. Iteris will no longer be listed on any public market effective as of the closing. To finance this significant acquisition, Almaviva has issued a bond listed on the Luxembourg Stock Exchange, trading on the Euro MTF market, with a total nominal value of €725 million (approx. $784M), maturing in 2030. The bond is issued at 100% of its nominal value and carries an annual interest rate of 5%, with semi-annual coupon payments.
Proceeds from the bond will fully finance the Iteris acquisition and support the refinancing of Almaviva’s existing €350 million (approx. $378M) bond maturing in 2026.
The bond was issued and settled on October 31st, 2024.
