Landis+Gyr to be acquired by Toshiba for US$2.3 Billion

Toshiba Corporation is to acquire Swiss smart meter company Landis+Gyr for US$2.3 billion in cash.

With over 8,000 utility customers globally, Landis+Gyr has been a pioneer in creating smart metering, networking and service products to meet the needs of the utility industry for more than 100 years. Toshiba is acquiring this capability and know-how, and intends to build the business as a stand-alone platform.

“We welcome Landis+Gyr, the world leader in smart metering products and services, to the Toshiba family,” said Hideo Kitamura, Toshiba’s Corporate Executive Vice President. “Our intent is to become a global leader in the Smart Community business by 2020. Together with Landis+Gyr, we will accelerate the development of our combined product and service portfolio to empower utilities and their end customers and to provide sophisticated Smart Community solutions in the global market.”

There are no plans for job reduction or restructuring as a result of this transaction. As of today, Andreas Umbach has assumed the title of Landis+Gyr’s Chief Executive Officer and Cameron O’Reilly will become the Executive Deputy Chairman until the closing of the transaction.

“Over the past 10 years we have built the world leader in smart metering,” said Landis+Gyr CEO Andreas Umbach. “As a growth platform for Toshiba, Landis+Gyr will have the resources and power to complement, and indeed accelerate, our product offering to utilities. With this transaction, Toshiba will now share our vision of helping the world manage energy better.”

Credit Suisse and Lazard led the sale process of Landis+Gyr to Toshiba. Deutsche Bank and Goldman Sachs co-advised Landis+Gyr shareholders on various liquidity alternatives.

Switzerland, Zug

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