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Email Print Related News Swiss stocks - Factors to watch on May 19 2:26am EDT FOREX-Euro steady but debt worries weigh Tue, May 17 2011 Euro gains but seen susceptible to Greek debt Tue, May 17 2011 FOREX-Euro up but fragile vs dollar as Greek debt weighs Tue, May 17 2011 FOREX-Euro vulnerable vs dollar to Greek debt issues Tue, May 17 2011 Analysis & Opinion Ignore Geithner’s debt ceiling scare tactics Warning signs on market liquidity risks Related Topics Technology » Deals » Global Deals Data 2011 Q1 » Inflows Outflows » Japan » Green Business » A view shows Toshiba Corp's logo at the fourth International Photovoltaic Power Generation (PV) Expo in Tokyo March 2, 2011. Credit: Reuters/Yuriko Nakao By Isabel Reynolds TOKYO | Thu May 19, 2011 8:10am EDT TOKYO (Reuters) - Japanese electronics manufacturer Toshiba Corp said on Thursday it will buy unlisted Swiss-based meter maker Landis+Gyr in a deal valued at $2.3 billion, including debt, in a bid to move into the promising overseas smart grid market. The deal, which had been well flagged to the market, comes as Toshiba's hopes of growing profits in its nuclear power division are being overshadowed by the crisis at Japan's tsunami-hit Fukushima reactor, and utilities around the world focus on smart grids as a means of saving energy and cutting carbon emissions. The smart grid market is expected to grow six-fold to 5.8 trillion yen ($70.9 billion) over the next decade, Toshiba said. "Quality comes at a price," said Macquarie Equities Research analyst Damian Thong. "I think it would be near impossible for Toshiba to build a business like this organically." Smart grids are designed to accommodate a range of generation options, including renewables, and to provide customers and utilities with more real time information, enabling them to manage usage and supply more efficiently. Landis+Gyr is a maker of both smart meter hardware and communication modules, key components of smart grids. It competes with companies such as Itron Inc and EnerNoc Inc. The Swiss firm's earnings before interest, taxes, depreciation and amortization came to $215 million dollars in the year to March 2011, on revenue of $1.59 billion. Credit Suisse and Lazard Ltd advised Landis+Gyr on the sale. Toshiba declined to comment on how it would finance the deal, but the Japanese firm will likely have enough cash on hand to cover most of the cost, depending on the size of Landis+Gyr's debts, Macquarie's Thong said. Toshiba said it had yet to determine the impact of the acquisition on its business performance in the year to March 2012. Media reports had said the Japanese conglomerate might team up with other firms in the buy-out, but Toshiba said it had agreed to acquire the whole firm. Landis+Gyr, founded in 1896, is owned by several equity funds and individual investors, after going through a series of different owners including Kohlberg Kravis Roberts & Co and Siemens in the 1990s. The firm boasts more than 8,000 utility customers globally, and its 5,000 employees operate in more than 30 countries. There are no plans for job reductions following the deal, Landis+Gyr said. In January it was chosen to supply 10,000 smart meters to the State Grid Corporation of China as part of the construction of the world's largest smart grid. The Toshiba takeover, which is subject to regulatory approval, is expected to close in the third calendar quarter of this year, Landis+Gyr said. ($1 = 81.775 Japanese Yen) (Reporting by Isabel Reynolds; Editing by Chris Gallagher) Technology Deals Global Deals Data 2011 Q1 Inflows Outflows Japan Green Business Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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