Latham Watkins Advises Iteris in Take-Private Acquisition by Almaviva

Multidisciplinary Team Represents the Smart Mobility Infrastructure Management Solutions Provider in Cross-Border Transaction

AUSTIN, Texas--August 09, 2024

Latham & Watkins LLP advised Iteris, Inc. (ITI) (“Iteris” or the “Company”), the world’s leading provider of smart mobility infrastructure management solutions, on its cross-border take-private acquisition by affiliates of funds managed by Altaris Capital Partners, LLC (“Altaris”) and White Deer Energy, Inc. (“White Deer”). The transaction will value Iteris at approximately $686 million, subject to customary closing adjustments. The Latham team was led by San Diego corporate partners Jim Woolery and Jarrod Benson, with associates Emma Benjamin and Rachel Litchfield. Advice and support was also provided by San Diego tax partner Eric Choate and associate Tiffany Wong. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions, including the approval of Iteris’ stockholders and receipt of required regulatory approvals. Iteris is a leading global provider of smart mobility infrastructure management solutions designed to improve the efficiency, safety, and sustainability of urban and rural transportation networks. Iteris’ solutions are deployed in thousands of locations around the world and serve multiple customer constituencies, including DOTs, transit agencies, cities, system integrators, and private developers. Iteris has offices in North America, Europe, the Middle East, Africa, and Asia-Pacific. Altaris is a private equity firm that invests in middle market companies across a range of industries. Altaris is based in San Francisco with additional offices in New York and London. White Deer is a private investment firm focused on energy and infrastructure. White Deer is based in The Woodlands, Texas with additional offices in Houston, Calgary, and London.

Conclusion

The acquisition of Iteris by Altaris and White Deer is a significant transaction that will create a leading global provider of smart mobility infrastructure management solutions. The Latham team is proud to have advised Iteris on this important transaction and looks forward to continuing to support the Company in the years to come.