OREANDA-NEWS. July 29, 2011. Toshiba Corporation today announced that it has completed the acquisition of Landis+Gyr AG, a global leader in energy management solutions for utilities, making the company a consolidated subsidiary of Toshiba and member of Toshiba Group. This move follows the July 29 completion in the UK of the final arrangements with the private equity funds and individual shareholders that previously owned Landis+Gyr. Toshiba will now appoint directors to the board of Landis+Gyr.

Separately, on July 25, Toshiba signed a shareholders' agreement and a share purchase agreement with Innovation Network Corporation of Japan (INCJ) under which INCJ will take a 40% stake in Landis+Gyr. Toshiba retains majority ownership of Landis+Gyr by virtue of holding voting rights in proportion to its investment.

By integrating Landis+Gyr's operations, Toshiba will promote operational and technological opportunities and the globalization in its Smart Community business. Toshiba expects to expand the scale of the Smart Community business to 900 billion yen by 2015, against 300 billion yen today.