General Electric 'among bidders for Landis+Gyr'
General Electric is among the firms bidding on Landis+Gyr, it has been claimed.
General Electric is among the bidders for Swiss smart metering specialist Landis+ Gyr, it has been claimed.
Citing the comments of individuals close to the issue, Reuters reported that initial bids have also been submitted by a number of private equity firms.
The Swiss company, which specialises in the production of hi-tech metering devices that can quantify the usage of power and energy, has hired merger and acquisition consultants to advise it on the sale.
Reuters suggested that Landis+Gyr could fetch around $2 billion (£1.1 billion) on the market, which is around ten times its EBITDA (earnings before interest, taxes, depreciation and amortisation).
Sources close to the matter also told the publication that some the interest of some buyout firms had "cooled" due to the high expectations from the seller in terms of valuation.
Landis+Gyr's 2009 Energy Efficiency created from Informed End-Users report claimed that smart metering will be a vital step in improving energy efficiency and combating climate change.