KKR makes $2.64 billion move to take Smart Metering Systems private

The news: PE giant KKR has announced its £1.4 billion ($2.64 billion) all-cash bid to take the smart energy metering and technology firm, Smart Metering Systems (SMS) private.

The numbers: The 955 pence-per-share offer from KKR shows a 40% premium on the SMS' share price at of market close Wednesday.

The context: The deal announcement notes that the offer is intended to be recommended unanimously by the SMS Board. The deal is expected to play a central role in the UK’s push toward decarbonisation. In September this year, KKR also invested in battery storage developer Zenobe Energy.