UK’s SMS Jumps 41% After KKR’s £1.3 Billion Acquisition Bid (1)

Shares of UK’s Smart Metering Systems Plc jumped over 41% in London after a bid from KKR & Co. to buy the company in a deal valued at about £1.3 billion ($1.6 billion).

The surge in shares beats the transaction value which put Smart Metering’s shares at 955 pence — a premium of about 40.4% to SMS’s closing share price on Dec. 6, according to a statement. The Glasgow-based company owns, operates and installs smart meters, batteries and electric vehicle charging points for utilities, house builders and companies.

Connecting smart devices to the electricity grid presents a huge opportunity. ...