Isra-Mart srl:Report: Smart meter giant Landis+Gyr seeking sale

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Isra-Mart srl news:

Landis+Gyr, one of the world's largest producers of smart meters, is reportedly seeking a buyer in a deal that could be worth well over $1bn (£617m).

According to Reuters reports based on sources familiar with the company, the Swiss firm has hired Credit Suisse and Lazard Ltd to advise on a possible sale.

Industrial conglomerates General Electric Co, Danaher Corp, Johnson Controls Inc and Honeywell International Inc, as well as private equity firms and technology giant Cisco were all name-checked as potential buyers.

With the 5,000-strong company boasting sales of more than $1.3bn and a strong presence in the fast-expanding smart meter market, any auction is expected to generate plenty of interest.

Company spokesman Stan March told Reuters that the company had no comment on "rumours in the marketplace", adding that "Landis+Gyr really from its inception was built to be a publicly traded company and that vision remains".

However, Reuters' sources suggested the company had considered a floatation but was now leaning in favour of a sale as a result of the weak IPO market.

Representatives of the company could not be immediately reached for further comment.