Tokyo, May 19, 2011 — Toshiba Corp. said it would buy smart meter manufacturer Landis+Gyr for about $2.3 billion, in a move Toshiba hopes will help it expand into the smart grid products market.
Toshiba did not provide additional financial details on the deal. Landis+Gyr's revenues have been reported at about $1.6 billion. Based in Zug, Switzerland, Landis+Gyr employs about 5,000 people and has operations in more than 30 countries.
In one recent deal, the State Grid Corp. of China picked Landis+Gyr to provide 10,000 smart meters as part of China's effort to modernize its grid.
The deal is still subject to required regulatory approvals, and is expected to close in the third quarter of 2011.
Landis+Gyr, founded in 1896, is owned by several equity funds and individual investors, after going through a series of different owners including Kohlberg Kravis Roberts & Co and Siemens in the 1990s.
Reuters reported last month that GE was among several interested parties who might pay as much as $2 billion at a private auction for Landis+Gyr.