Toshiba plans to pay roughly 200 billion yen ($2.5 billion) for Swiss-based smart metering company Landis+Gyr, Reuters reported. Landis+Gyr is owned by several investors including Bayard Capital of Australia. Toshiba beat out buyout shops TPG Capital and EQT Partners in the auction for Landis+Gyr.
(Reuters) – Toshiba Corp is close to finalising a deal to buy Swiss-based smart metering company Landis+Gyr for about 200 billion yen ($2.5 billion), a source familiar with the matter said on Tuesday.
Landis+Gyr is owned by several investors including Bayard Capital of Australia after going through a series of different owners including Kohlberg Kravis Roberts & Co and Siemens in the 1990s and early 2000s.
Toshiba won the right to negotiate with Bayard Capital after two rounds of bidding, said the source, who was not authorised to talk about the matter publicly.
A Toshiba spokesman declined to comment.
The Japanese electronics conglomerate beat out two private equity firms — TPG Capital and EQT Partners — in the auction, Bloomberg reported last week.
Landis+Gyr, which makes advanced or “smart” meters used for measuring power and other energy use, hired Credit Suisse and Lazard Ltd to advise on a potential sale of the company, people familiar with the matter told Reuters in February.
Advanced meters allow households to more closely monitor usage while also sending data back to their power providers, which helps them manage power supply more efficiently.
Landis+Gyr, which competes with companies such as Itron Inc and EnerNoc Inc
(Reporting by Kentaro Hamada; Editing by Edwina Gibbs)