Smart infrastructure technology developer Aclara Technologies is set to take over US-based General Electric’s power meters business unit, which operates under GE Grid Solutions subdivision.

The firm has signed an agreement with GE Energy Management for the deal, which will allow it to acquire more than 300 employees along with GE Meters’ global headquarters in Somersworth, New Hampshire.

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Aclara will also be the new owner of a satellite manufacturing facility in Chicago, Illinois and a centre of excellence in Bilbao, Spain as a part of the transaction, along with a significant intellectual property portfolio of active patents and patent applications.

Financial details about the deal have not been disclosed.

"Aclara board of managers member Brian Urbanek said: ‘Aclara will greatly benefit from GE Meters’ deep technology foundation and its seasoned engineering group.’"

Aclara CEO and president Allan Connolly said: "The combination of Aclara’s industry leadership in Advanced Metering Infrastructure (AMI) technology with GE Meters’ 130 years of operating experience, technology development and commercial expertise will enable us to accelerate development and delivery of advanced smart infrastructure solutions."

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The firm expects the acquisition to increase its offerings for power utilities in North America and worldwide, which can eventually help it to emerge as a leading global smart infrastructure solutions provider.

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Aclara board of managers member Brian Urbanek said: "Aclara will greatly benefit from GE Meters’ deep technology foundation and its seasoned engineering group.

"This expertise will support Aclara’s focus on addressing key technology trends including AMI integration, cyber security and standards, design for cost and field upgradability, all of which are important aspects of a smart infrastructure environment."

The acquisition is expected to close by the end of this year.