Dec 7 Reuters British energy infrastructure firm Smart Metering Systems SMS said on Thursday a company owned by funds advised by KKR and its affiliates will take it private in an allcash deal of about 1.3 billion pounds 1.63 billion.

The 955 pencepershare offer represents a premium of 40.4 to the Londonlisted stock39;s Wednesday close.

SMS said its directors intend to unanimously recommend that the shareholders vote in favour of the deal.

KKR believes that SMS, under private ownership, will be able to accelerate its growth and continued transition from a metering provider and gridscale battery storage operator to a fully integrated, endtoend energy infrastructure company, the U.S.based investment firm said in a joint statement.

Glasgowheadquartered SMS is listed in London39;s junior market and employs about 1,500 people, primarily in the UK.

1 0.7964 pounds

Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Nivedita Bhattacharjee

Source Reuters