Glasgow-based Smart Metering Systems (SMS) has been taken over by Kohlberg Kravis Roberts (KKR), a US private equity firm, in a £1.3 billion deal.

With 62.78% of affirmative votes from SMS shareholders, the deal was declared unconditional, with SMS shareholders set to receive 955p each per share.

The deal was first announced in December by a newly-formed company owned by KKR-advised funds.

Andrew Furze and Yimei Luo of KKR are expected to be appointed to the SMS board as non-executive directors.

It is expected that current independent non-executive directors, including Ruth Leak, James Richards, Mike Winkel, and chair Mariam Greenwood, on the board will resign and the board’s committee will disband.

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SMS will also not pay the third and fourth quarter dividend instalments which were previously expected in April and July. No further dividends will be paid until further notice.

SMS’s founder Steve Timoney and former chief executive Alan Foy opposed the takeover, at the time stating that they were disappointed with the offer price. Timoney will stand to make £51m from the deal.

The Glasgow-based company was previously awarded a deal to install 200,000 smart meters across UK homes, in an effort to improve energy efficiency and lower energy prices amid the cost-of-living and energy crisis.

Energy companies have lagged in their smart meter rollout targets, causing the government to issue a major fine to large gas and electric companies in 2023.