Xylem buys-out smart-meter-maker Sensus in all-cash deal

US water treatment outfit Xylem bought rival Sensus for approximately $1.7bn in cash.

Raleigh, North Carolina-based Sensus was a manufacturer of smart meters, network technology and data analytics for the utilities sector.

For the fiscal year ending on 31 March 2016 Sensus reported earnings before interest, taxes, depreciation and amortisation of $159m on the back of $837m in sales.

"The combination iof Xylem's world-calss 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."

The transaction was expected to close in the fourth quarter.

As of 14:25 BST shares in Xylem were advancing by 1.86% to $49.35.