Toshiba Buys Landis+Gyr

Purchase price is $2.3 billion.

Toshiba said on July 29 that had completed the $2.3 billion acquisition of Swiss advanced power meter manufacturer Landis+Gyr.

Competition authorities approved the deal, announced in May, earlier this month and Toshiba later signed a contract for the public-private Innovation Network Corporation of Japan to take a 40% stake in its new subsidiary.

Toshiba is buying the firm for $1.7 billion, plus debt of $600 million.

Landis+Gyr is a leading provider of metering products and services for so-called "smart grid" electric power systems.

Copyright Agence France-Presse, 2011

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