Smart Meter Operator Calisen Goes Private in $1.9 Billion Deal

(Bloomberg) -- U.K. smart meter company Calisen Plc will be taken private at a valuation of about 1.43 billion pounds ($1.9 billion) by a group of investors including Blackrock Inc., Mubadala Investment Co. and Goldman Sachs Group Inc.

Calisen owns and operates digital replacements for electric and gas meters in homes and businesses. The U.K. regulator Ofgem wants to shift the country entirely to use smart meters as a way to better manage the supply and demand of electricity.

The company went public in February, raising 329 million pounds in one of the U.K.’s largest initial public offerings of the year. Since then, Calisen’s shares are down about 14%, even after gaining 25% Friday on news of the takeover.

Coyote Bidco agreed to buy Calisen for 261 pence per share in cash, according to a statement.

The offer was a 26% premium to the company’s closing price Thursday. The buyer group includes a fund managed by Blackrock, Mubadala’s indirectly-owned subsidiary Ninteenth Investment Co. and funds managed by Goldman Sachs.

Calisen’s majority shareholder, KKR & Co., made a binding agreement to vote in favor of the acquisition. The deal is expected to be completed in April 2021.

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