Simpson Thacher is representing affiliates of KKR in connection with their recommended offer to acquire the entire issued and to be issued share capital of Smart Metering Systems plc (“SMS”), which was announced on December 7, 2023, at 955 pence per share. The offer values SMS’s share capital at £1.3 billion on a fully diluted basis, and an enterprise value of approximately £1.4 billion. The transaction is expected to be implemented by way of scheme of arrangement, subject to the approval of SMS’s shareholders.
SMS is admitted to trading on AIM and, as a fully integrated energy infrastructure company owning and managing meter assets, energy data, grid-scale batteries and other carbon reduction assets across the UK, is one of the UK’s leaders in the low carbon, smart energy revolution.
The Simpson Thacher team includes Clare Gaskell, Amy Mahon, Alex Wilson, Bella Sullivan, Jewel Zhu, Laura Harris and Sam Moon (Corporate – U.K.) and Étienne Renaudeau and Pauline Patat (Antitrust).