AURELIUS Private Equity has entered into an agreement to acquire the EMEA metering business of SIX Swiss Exchange-listed Landis+Gyr for an enterprise value of $215m.

The business, which generated more than $600m in revenues in FY24, employs approximately 2,700 staff across five production sites in Europe, the Middle East, and Africa. Its portfolio spans residential and ICG electricity, gas, and thermal metering solutions, alongside integrated software and services.

Founded on Swiss precision engineering and with a legacy of more than a century, Landis+Gyr EMEA has built a strong reputation for quality and reliability. AURELIUS said its in-house operations advisory team, AURELIUS WaterRise, will work closely with management to deliver the carve-out and drive both revenue growth and profitability.

Fabian Steger, Managing Director of AURELIUS Funds IV and V, said: “I am pleased to see the momentum AURELIUS has built in a challenging M&A market, identifying many attractive carve-out opportunities and converting them into transactions. The acquisition of Landis+Gyr’s EMEA business is another example of this.”

Franz Woelfler, Partner at AURELIUS Investment Advisory, added: “Landis+Gyr’s EMEA business benefits from favourable fundamental trends in the metering market. AURELIUS is excited to partner with management and the business’ highly skilled employees to bring the enterprise to its full potential, but also to contribute to a more resource-efficient world through its market-leading technology.”

The transaction is expected to close in the second quarter of 2026, subject to regulatory approvals and other customary conditions.

Advisers on the deal included Alantra (M&A), Baker McKenzie (Legal), EY (Financial and Tax), Roland Berger (Commercial), Aon (Insurance), and Haver & Mailänder (Antitrust).

The deal underscores private equity’s growing appetite for carve-outs of industrial businesses with strong operational improvement potential, as firms seek to unlock value and back companies positioned to benefit from long-term market trends.

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