Toshiba Corporation of Japan has signed a definitive agreement to buy Swiss electronic metering company Landis+Gyr AG for $2.3b in cash and assumed debt to bolster its Smart Grid operations, reports Bloomberg.
The purchase, Toshiba’s biggest since the Westinghouse Electric Company acquisition five years ago, would give it access to Landis+Gyr’s customers across 30 markets as countrieslook to upgrade their electrical power systems.
According to Toshiba, the global Smart Grid market could increase six-fold to 5.8trn yen ($71bn) over the next decade.
The sale is expected to be completed in the third quarter of this year, pending regulatory approvals.
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