Landis+Gyr Closes Acquisition of Smart Metering Provider Luna
The closing of the previously announced acquisition of the Turkish meter provider Luna further solidifies Landis+Gyr’s position in Smart Electricity and Water Metering.
Cham, Switzerland – January 31, 2022 – Landis+Gyr (SIX: LAND), a leading provider of integrated energy management solutions, today announced the successful registration of the transfer of 100% of the shares of Luna Elektrik Elektronik Sanayi ve Ticaret A.Ş. (“Luna”) for a high double digit million US Dollar purchase price, to Landis+Gyr with effect as of January 31, 2022. Luna is a provider of smart metering devices for electricity, water and heat and associated software solutions, with headquarters in Izmir, Turkey. The transaction was first announced in September 2021 and the Company has now obtained the required customary governmental approvals under customary closing conditions.
Luna's current management team will continue to drive the company's market expansion and profitable growth as part of the Landis+Gyr group.
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Landis+Gyr is a leading global provider of integrated energy management solutions for the utility sector. Offering one of the broadest portfolios, we deliver innovative and flexible solutions to help utilities solve their complex challenges in Smart Metering, Grid Edge Intelligence and Smart Infrastructure. With sales of USD 1.4 billion in FY 2020, Landis+Gyr employs around 5,000 people in over 30 countries across five continents, with the sole mission of helping the world manage energy better.
About Luna Elektrik Elektronik Sanayi ve Ticaret A.Ş.
Having started its operations in 1991, Luna is a leading smart electricity and water meter supplier, providing high quality advanced metering technology inside and outside of Turkey. With a production capacity of more than 400,000 smart meters per month and more than 850 employees, Luna is one of the Research and Development Centers registered by the Turkish government. For more information, please visit www.lunatr.com.