TOKYO: Japanese engineering giant Toshiba said on Thursday it will buy Swiss utility metering technology firm 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.
Toshiba aims to offer one-stop solutions for power monitoring and management by combining its expertise in energy management with Landis+Gyr's advanced smart metering technologies, services and customer base.
Toshiba said it hoped to strengthen its smart grid operations, with the global market for the environmental technology expected to rise six-fold to 5.8 trillion yen ($71 billion) in the next ten years.
It said it will aim to achieve net sales of 700 billion yen in the smart grid and smart community operations in the year to March 2016, more than doubling current annual sales of 300 billion yen.
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