September 29 (SeeNews) - Swiss smart meter and smart grid solutions provider Landis+Gyr Group AG said it has inked a deal to acquire Turkish smart metering devices maker Luna Elektrik Elektronik Sanayi ve Ticaret, or Luna, in a drive to expand its core capabilities in smart metering as well as geographic footprint.
The Swiss firm is paying a high double-digit million US dollar purchase price, it said in a press release published Tuesday. The exact value of the deal remained undisclosed.
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Launches in 1991, Luna offers smart metering devices for electricity, water and heat and associated software solutions. The Izmir-headquartered firm employs more than 850 people and has a production capacity of more than 400,000 smart meters per month. The company currently exports products to countries in Africa, Asia, Europe and South America. The business is associated with revenue of about $60 million (51. Million euro).
"The acquisition will allow Landis+Gyr to acquire a meaningful share of the Turkish market, where the transition to advanced metering infrastructure (AMI) has yet to commence, and utilise Luna’s vertically integrated manufacturing to drive sales in adjacent markets," the Swiss firm noted further in the press release.
The transaction hinges on regulatory clearances and standard closing conditions. The parties anticipate completion by the end of 2021.
($=0.8559 euro)