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Xylem (XYL) Stock Gains on $1.7 Billion Sensus USA Deal

NEW YORK (TheStreet) -- Shares of Xylem (XYL) were climbing mid-Monday morning after the company agreed to buy smart meter company Sensus USA for $1.7 billion in cash, Reuters reports.

Xylem, a Rye Brook, NY-based water technology company, will finance the transaction with $400 million in non-U.S. cash, short and long-term debt and new and existing credit facilities, the company said in a statement.

Sensus, based in Raleigh, NC, supplies smart metering and related communication systems to various utilities sectors.

Xylem hopes to dominate the smart meter market as stricter...