U.S. water technology company Xylem Inc said on Monday it would buy Sensus USA Inc, a provider of advanced metering technologies to utilities, for around $1.7 billion in cash.

The acquisition would make Xylem a major player in the market for smart meters, at a time when regulatory requirements and a drive for savings are pushing both companies and consumers to control their water and energy consumption more tightly.

Xylem will finance the deal with about $400 million of its non-U.S. cash, new and existing credit facilities, and a combination of short- and long-term debt, the company said in a statement.

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