Landis+Gyr has acquired a Turkish provider of smart metering devices and solutions for water, heat, and electricity to expand its footprint in the market.
The acquisition of Luna Elektrik Elektronik Sanayi ve Ticaret is expected to expand Landis+Gyr’s smart metering business in Africa, Asia, Europe and South America where the company has a footprint.
The acquisition will enable Landis+Gyr to capitalise on opportunities within the Turkish smart meter market as the country transitions to advanced metering infrastructure.
Next to low-cost solutions for markets, where Landis+Gyr currently has a limited presence, Luna also offers electricity meters in Germany, where it has established a foreign sales entity, according to a statement.
Luna has its headquarters in Izmir, with revenues of around $60 million and more than 850 employees. The company has a strong position in the engineering, certification, and manufacturing of metering solutions.
The acquisition of the 100% stake is subject to government approvals and other customary closing conditions which are expected to be finalised by the end of 2021.
Commenting on the acquisition, Werner Lieberherr, CEO of Landis+Gyr, said the deal: “offers a unique opportunity for Landis+Gyr, as it allows us to expand our core capabilities in smart metering while increasing our offering of cost-competitive solutions with well-established manufacturing capabilities in Izmir.
“Luna’s range of devices and software complements our portfolio and thus will allow us to expand our reach and serve our customers even better.”
Mustafa Karabağli, Chairman of the Board at Luna, added: “We are happy and excited to join Landis+Gyr and look forward to supporting even more customers on their journey towards a smarter grid with our product portfolio and cost-effective solutions.”