Toshiba to buy Swiss meter firm Landis+Gyr for $2.3 bn

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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

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