Landis+Gyr has acquired Luna Elektrik Elektronik Sanayi ve Ticaret A.Ş. to expand its presence in the Turkish smart metering market.
Target Company Information
Landis+Gyr (SIX: LAND), a prominent player in the integrated energy management solutions sector, has successfully completed the acquisition of 100% of Luna Elektrik Elektronik Sanayi ve Ticaret A.Ş. ('Luna'). This acquisition, which was officially registered on January 31, 2022, involved a purchase price in the high double-digit millions (in USD). Luna, headquartered in Izmir, Turkey, specializes in the production of smart metering devices for electricity, water, and heat, as well as associated software solutions.
Luna commenced operations in 1991 and has established itself as a leading supplier of smart metering technology both within Turkey and internationally. The company boasts a monthly production capacity exceeding 400,000 smart meters and employs over 850 individuals. Additionally, Luna is recognized by the Turkish government as one of the country’s R&D Centers, underscoring its commitment to innovation and quality in advanced metering technology.
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Industry Overview in Turkey
The smart metering and energy management industry in Turkey is experiencing rapid growth, driven by increasing energy demand and the government's push for modernization in utility services. In
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