04:28 AM EDT, 08/09/2024 (MT Newswires) -- Iteris ( ITI ) said Friday that it has entered into a definitive merger agreement to be acquired by Almaviva, a private Italian digital innovation group, in an all-cash transaction valuing the smart mobility infrastructure management firm at about $335 million.

Iteris ( ITI ) shareholders will receive $7.20 in cash for each share of Iteris ( ITI ) common stock. The transaction is expected to close in 2024.

The Iteris ( ITI ) board of directors unanimously approved and recommended the transaction to its shareholders.

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