Actaris acquired by Itron

FRANCE Industrial Equipment / Special Machinery / Instrumentation & Measurement EV $1–10bn

Context

LBO France has sold Actaris to US-based industrial company Itron in a deal valued at over $1.5 billion. This transaction follows a significant value creation period under LBO France's ownership, during which the company experienced substantial growth in valuation, driven by operational improvements, strategic repositioning, and accelerated international expansion. For Itron, the acquisition is part of a portfolio expansion strategy aimed at strengthening its exposure to the utilities market, particularly in the gas and water segments. The integration of Actaris is expected to broaden Itron's geographic footprint, especially in Europe, while consolidating its global position in smart metering solutions. The financing of the transaction is based on a structure combining bank debt, structured credit lines, bonds, and equity, which secures a transformative deal for the acquiring group. The combined entity represents approximately $1.66 billion in pro forma revenue and over 8,000 employees, with enhanced geographic diversification. Ultimately, the deal is part of a global smart metering market consolidation trend, driven by the digitization of energy networks and distribution infrastructure.

In the past, Actaris was acquired by LBO France in 2005 as part of its expansion strategy.

Actaris, which reported an EBITDA margin of [members only] in 2006, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.

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Target

Actaris is a specialized provider of metering solutions for water, gas, and energy networks. The company designs and manufactures smart meters, measurement solutions, and associated systems that enable network operators to optimize consumption management and infrastructure utilization. As a global leader in measurement systems, Actaris primarily serves public and private sector clients, including energy providers, water utilities, and public service operators, with a significant international presence.

Ent. Value

$1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (USD)

Year

Rev

EBITDA

EBIT

2006

2005

Other operations with Actaris

Other operations with Actaris
Date	Acquirer	Target	Country	Sector
06/2005	LBO FRANCE	ACTARIS	FRANCE	Instrumentation & Measurement

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06/2005	LBO FRANCE	ACTARIS	FRANCE	Instrumentation & Measurement

REFERENCES

Valuation range: EV $1–10bn

Revenue range: $1–10bn

EBITDA range: $100–200M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Actaris by Itron are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

FAQ

What transaction does this page cover?

This page covers Itron’s acquisition of 100% of Actaris, a French company specialised in Special Machinery, in 2007. This followed an earlier holding cycle initiated in June 2005, when the company was acquired by LBO France.

How was the acquisition of Actaris by Itron valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $1–10bn band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Actaris’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Actaris generated annual revenue estimated in the $1–10bn range and EBITDA in the $100–200M bracket (FY 2006). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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