Reuters are reporting that – Swiss smart meter company Landis+Gyr has hired Credit Suisse and Lazard Ltd to advise on a sale of the company. They quote “people familiar with the matter”.
“Landis+Gyr, which could be worth well over $1 billion, is expected to draw interest from multi-industry conglomerates such as General Electric Co, Danaher Corp, Johnson Controls Inc and Honeywell International Inc, as well as industrial groups based in Europe and Japan”, Reuters sources said. Private equity firms and technology companies are also likely to be interested.
Landis+Gyr is a provider of integrated energy management solutions. The Company offer a broad portfolio of products and services in the electricity metering industry. Founded in 1896, Landis+Gyr has annualised sales of more than US$1.25 billion, operates in 30 countries across five continents, and employs almost 5,000 people.
Through the late 90s the company saw a series of different investors and owners, including Elektrowatt, KKR and Siemens. In 2004 Bayard Capital of Australia purchased the company. Since Bayard’s acquisition other companies have been added to the Group.