Landis+Gyr to acquire Turkey-based Luna
Landis+Gyr AG has entered into a binding agreement to acquire 100% of the shares of Luna Elektrik Elektronik Sanayi ve Ticaret A.Ş. for a high double digit million US Dollar purchase price.
Luna is a provider of smart metering devices for electricity, water and heat and associated software solutions, with headquarters in Izmir, Turkey. The transaction is expected to close by the end of the calendar year 2021 with closing being subject to customary governmental approvals and other customary closing conditions. "The acquisition of Luna offers a unique opportunity for Landis+Gyr, as it allows us to expand our core capabilities in smart metering while increasing our offering of cost-competitive solutions with well-established manufacturing capabilities in Izmir", said Werner Lieberherr, Chief Executive Officer of Landis+Gyr. "Our mission is to create value for our employees and customers as the first choice partner with our products, solutions, after-sales services, reliability and high business ethics. We are happy and excited to join Landis+Gyr and look forward to supporting even more customers on their journey towards a smarter grid with our product portfolio and cost-effective solutions", stated Mustafa Karabağli, Chairman of the Board at Luna Elektrik Elektronik Sanayi ve Ticaret A.Ş. After the closing, the current management team will continue to drive Luna's market expansion and profitable growth as part of the Landis+Gyr group.