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Honeywell, GE, Toshiba Vie to Acquire Smart Grid Firm Landis+Gyr

<p>Global engineering firms are putting their bids on the table for a leading smart meter firm.</p>

The attractiveness of the global smart meter sector has again been underlined this week, as reports emerged detailing how several of the world's largest engineering firms are vying to acquire leading smart meter manufacturer Landis+Gyr.

The Swiss firm, which employs more than 5,000 people and has established itself as one of the world's largest developers of smart meter technologies, reportedly hired Credit Suisse and Lazard to advise on a potential sale earlier this year.

The move prompted immediate interest from a host of private equity and engineering firms that has reportedly resulted in a private auction for the company.

Reuters reported late last month that General Electric was in the running to acquire the firm, as speculation mounted that the auction could result in a deal worth up to $2 billion.

Citing anonymous sources familiar with the matter, the news agency reported that GE had tabled initial bids alongside a number of unidentified private equity firms.

The news was followed today by reports by the Nikkei business paper that Japanese electronics giant Toshiba has also tabled a bid for Landis+Gyr, while engineering giants Honeywell International and ABB were said to have expressed an interest in the company.

A spokesman for Toshiba declined to comment on the reports, although he acknowledged the company was looking at various ways to expand its smart grid business.

Leading engineering and IT firms are currently jostling for position in the fast-expanding smart grid market, as governments around the world move to mandate the rollout of smart meters and trial smart grid technologies.

This article originally appeared at BusinessGreen.com and is reprinted with permission.

Smart meter - CC license by Christian Haugen/Flickr

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