Toshiba to acquire energy management solutions provider Landis+Gyr for USD 2.3 billion
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. The combination will extend Toshiba’s product portfolio and commitment to research and development alongside Landis+Gyr’s brand in smart metering solutions. Landis+Gyr has over 8,000 utility customers globally.
Toshiba will retain and enhance the globally respected Landis+Gyr brand. 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, after which he looks forward to assisting Toshiba in further growing its smart grid business as well as pursuing other private interests.
"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."
Utility customers will have seamless continuity of operations as well as a broadened product offering to choose from, while Landis+Gyr will gain additional capital strength from being an integral part of the USD 77 billion revenue Toshiba Corporation. The acquisition remains subject to regulatory approvals and other customary closing conditions and is expected to close in the third calendar quarter of this year.
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