Ashurst advises on £1.3 billion recommended takeover of Smart Metering Systems

Global law firm Ashurst is advising Morgan Stanley, as financial adviser to Sienna Bidco Limited (Bidco) on the recommended cash offer by Bidco to acquire the entire issued, and to be issued, share capital of Smart Metering Systems plc (SMS).

The acquisition is valued at approximately £1.3 billion on a fully diluted basis. Bidco is a newly formed company wholly-owned by funds advised by Kohlberg Kravis Roberts & Co. L.P. and its affiliates (KKR).

The Ashurst team was led by partners Karen Davies and Tim Rennie. They were supported by Darren Phelan, Lucy McLaughlan and Shashtika Sundar.

SMS is a fully integrated energy infrastructure company owning and managing meter assets, energy data, grid-scale batteries and other carbon reduction assets. The group manages and optimises these assets through its in-house technology and data analytical platform "METIS". SMS is one of the leaders in the low carbon, smart energy revolution in the UK. SMS is incorporated in Scotland and its shares were admitted to trading on AIM in 2011. Since its IPO, SMS has grown to become one of the UK leaders in smart energy assets and related data services.

KKR will invest in the acquisition largely through KKR Global Infrastructure Investors IV, a US$17 billion fund focused on critical infrastructure investments. KKR has a long track record in energy transition and climate-related investments.