A unit of Aclara Technologies, a supplier of smart infrastructure technologies signed a definitive agreement to buy the electricity meters business currently operating within GE Energy Management's Grid Solutions subdivision.
The transaction is expected to close by the end of the year subject to standard conditions, regulatory approvals, consultation processes with employees as applicable, and completion of business processes satisfactory to both parties. Terms of the transaction were not disclosed.
"This acquisition significantly enhances Aclara's offering for electric utilities across North America and around the globe, creating a comprehensive portfolio of leading-edge products," said Allan Connolly, CEO and President of Aclara. "The combination of Aclara's industry leadership in Advanced Metering Infrastructure (AMI) technology with GE Meters' 130 years of operating experience, technology development and commercial expertise will enable us to accelerate development and delivery of advanced smart infrastructure solutions."
Aclara will acquire more than 300 employees along with GE Meters' global headquarters in Somersworth, New Hampshire, a satellite manufacturing facility in Chicago, Illinois and a center of excellence in Bilbao, Spain focused on the rapidly growing international regions in addition to a significant intellectual property portfolio of active patents and patent applications, ensuring a seamless transition for GE Meters' customers.
"Aclara will greatly benefit from GE Meters' deep technology foundation and its seasoned engineering group," said Brian Urbanek, Managing Director of Sun Capital and member of the Aclara Board of Managers. "This expertise will support Aclara's focus on addressing key technology trends including AMI integration, cyber security and standards, design for cost and field upgradability, all of which are important aspects of a smart infrastructure environment."
Smart infrastructure solutions magnify the benefits of networks that perform automated metering reading by incorporating a range of sensors, communications, and analytic technologies that let utilities monitor their distribution networks, optimize operations, respond to issues quickly and preempt problems.
"The integration of GE Meters' experience and expertise into Aclara, adding to our robust communications network, advanced device monitoring, and data-powered analysis and response tools, is certain to enhance the return on investment for our customers," added Connolly.