Sale of Landis+Gyr to Toshiba

The owners of Landis+Gyr have signed a securities purchase agreement on 100% of the shares and other securities of the company, which will be acquired by Toshiba Corporation for USD 2.3 billion. The transaction is expected to close in the third quarter of 2011. With over 8,000 utility customers globally, Landis+Gyr has been a pioneer in creating leading-edge smart metering, networking and service products to meet the needs of the utility industry for more than 100 years. Toshiba is acquiring this capability and know-how, and intends to build the business as a stand-alone platform to offer utilities the most comprehensive product and solution set in the industry.
The sellers are advised by Bär & Karrer in the transaction. The team includes Thomas U. Reutter, Harald Zeiter, Daniel Raun, Oliver Brupbacher and Gwendolin Bodemann.