RYE BROOK , N.Y., Aug. 15 (UPI) — Water treatment company Xylem Inc. announced Monday it will acquire metering and analytics company Sensus for $ 1.7 billion in cash.
Xylem said the purchase increases the company’s capabilities in analytics for water, waste water and metering. The company, based in Rye Brook, N.Y., has more than 80 million metering devices installed around the world. Sensus, headquartered in Raleigh, N.C., does business in 150 countries. The deal is expected to close at the end of 2016.
“The combination of Xylem’s world-class brands and products with Sensus’ leading-edge smart technologies will create a differentiated offering that will better meet our customers’ evolving needs, including greater energy efficiency, water conservation, and improved life-cycle costs,” Xylem Chief Executive Patrick Decker said in a statement.
Xylem shares are up 33 percent thus far this year, and opened 2.2 percent higher Monday at $ 49.52. Sensus is privately held by the Jordan Company and the private equity division of Goldman Sachs Group Inc.