Landis+Gyr announces the acquisition of Luna Elektrik, expanding its smart metering capabilities in Turkey for a high double-digit million USD price.
Target Information
Landis+Gyr AG, a subsidiary of Landis+Gyr Group AG (SIX: LAND), has entered into a binding agreement to acquire Luna Elektrik Elektronik Sanayi ve Ticaret A.Ş. This acquisition marks the purchase of 100% of Luna's shares, which is a prominent provider of smart metering solutions for electricity, water, and heat, along with associated software solutions. Headquartered in Izmir, Turkey, Luna has established itself as a leading meter supplier in the region and is characterized by its strong capability in engineering, certification, and manufacturing of metering technologies.
The financial aspects of the deal indicate a high double-digit million US Dollar purchase price, with the transaction expected to close by the end of calendar year 2021, contingent upon customary regulatory approvals and closing conditions. Luna reported approximately USD 60 million in revenues and employs over 850 individuals, positioning it as a significant player in the Turkish market.
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Industry Overview in Turkey
The Turkish market for smart metering solutions is currently in the early stages of transition to Advanced Metering Infrastructure (AMI), making it a ripe opportunity for investment. Turkey's energy sector is undergoing modernization efforts, with a growin
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in 2021
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Disclosed details
Revenue: $60M