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Landis+Gyr divests stake in Intellihub joint venture
Landis+Gyr Group says that it will sell its ownership in Intellihub Operations Pty Ltd (Intellihub) for over AUD 310 million in total.
The buyer, global asset manager Brookfield will become a strategic investor in Intellihub Group, alongside Pacific Equity Partners’ (PEP) Secure Assets Fund. Brookfield will acquire Landis+Gyr’s 16.8% interest in the company, diluted from approximately 20% after the conversion of a previously issued convertible note during the course of the transaction. T “The investment in Intellihub has been a great success for Landis+Gyr and we believe that Brookfield’s investment in Intellihub comes at an appropriate time in the energy transition that Australasia is undergoing. While we look forward to continuing to partner with Intellihub as a customer in the future, we are focusing our efforts on the expansion of our position in smart infrastructure, grid edge intelligence and smart metering solutions and services”, says Werner Lieberherr, CEO of Landis+Gyr, in a press release. “The proceeds of the sale will be reinvested in both organic and inorganic strategic growth areas to drive the decarbonization of the grid and empower utilities and consumers around the world to manage energy better.” The Intellihub joint venture was formed in May 2018, with Landis+Gyr contributing both cash and its 2015 established Intellihub business for an approximate 20% stake in the joint venture. Landis+Gyr says expects the cash proceed for the transaction of over USD 220 million, at the time of closing, to be partially offset by capital gain tax in Australia and stamp duty in Switzerland. The transaction is expected to close by the end of February 2022.