Toshiba beats PE to acquire Landis+Gyr
Japanese electronics giant Toshiba Corporation is set to wholly acquire utility meter-reading developer Landis+Gyr AG from Australian investment firm Bayard Capital for $2.3 billion, out-bidding private equity suitors TPG and EQT Partners.
Swiss-based Landis+Gyr was purchased by Bayard Capital in 2004 for an undisclosed amount. At the time, Bayard bought the company from Demag Holding, which was 81%-owned by KKR and 19%-owned by Siemens....
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