Landis+Gyr announced that Toshiba Corp. has entered into a definitive sale agreement with the shareholders of Landis+Gyr, under which Toshiba will acquire Landis+Gyr, a company specializing in energy management solutions for utilities, for US$2.3 billion in cash, to build what the company’s describe as the world’s Smart Grid leader.
The acquisition is designed to create a new growth platform within Toshiba specifically targeting the global Smart Grid opportunity, bringing benefits to both utility customers and consumers. According to Toshiba, the combination will extend Toshiba’s tradition of first-class innovation, product portfolio and commitment to research and development along side Landis+Gyr’s iconic brand and reputation for excellence in smart metering solutions.