Xylem Inc the maker of water treatment systems have agreed to acquire Sensus, with the bid believed to be in the region of $1.7 Billion USD. The deal allows Xylem to add the fast growing market of data and metering services to their portfolio.

The new deal will allow Xylem access to more than 80 million smart meters for the electric, gas and water industry.

The deal gives access to Sensus’s more than 80 million smart meters, which serve the gas, electric and water industries, Xylem said in a statement Monday. The companies complement each other geographically: the U.S. accounted for 67 percent of Sensus revenue in its past fiscal year and 41 percent of sales for Rye Brook, New York-based Xylem.

Michael Gaugler analyst for Janney Montgomery Scott said that, “Sensus also puts Xylem into new end markets, which can provide additional opportunities for future growth,”

The move has seen Xylem’s stock climb by 3.7% in New York after the announcement and this year it has climbed by 33% in total

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