Toshiba to buy Swiss meter firm Landis+Gyr for $2.3 bn
Japanese engineering giant Toshiba said Thursday it will buy Swiss utility meter maker Landis+Gyr for $2.3 billion.
Toshiba said it has agreed to take the entire equity of the firm, a global leader in energy management solutions for utilities.
"The acquisition, valued at $2.3 billion including net debt, will substantially enhance the scope of Toshiba's smart grid and smart community businesses," the Japanese company said in a statement.
Smart grids are intelligent power distribution systems seen as key for both advanced and emerging nations to use energy more efficiently.
© 2011 AFP