Toshiba completes $2.3 bln Swiss acquisition
Japanese conglomerate Toshiba said Friday it 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 percent 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.
© 2011 AFP