Toshiba completes $2.3 bil Swiss acquisition

ntttttttttttt

Toshiba Corp said Friday it had completed the $2.3 billion acquisition of Swiss advanced power meter manufacturer Landis+Gyr.

n

Competition authorities approved the deal, announced in May, earlier this month and Toshiba later signed a contract for the public-private Innovation Network Corp of Japan to take a 40 stake in its new subsidiary.

n

Toshiba is buying the firm for $1.7 billion, plus debt of $600 million.

n

Landis+Gyr is a leading provider of metering products and services for so-called “smart grid” electric power systems.

tttttttntttntttntttttttttttt© 2011 AFPnttttttttt