Toshiba completes $2.3 bln Swiss acquisition

29th July 2011, Comments 0 comments

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

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