Landis+Gyr Finalizes EMEA Sale, Pivots to High-Value Growth Markets

CHAM, Switzerland – April 08, 2026 – Global energy technology leader Landis+Gyr (SIX: LAND) has officially completed the divestiture of its Europe, Middle East, and Africa (EMEA) business to the alternative investment firm AURELIUS. The transaction, first announced in September 2025, closed with an economic effect as of March 31, 2026, marking a significant strategic realignment for the Swiss-based company.

Under the terms of the deal, AURELIUS acquires the entirety of Landis+Gyr's EMEA operations. This includes a comprehensive portfolio of residential and industrial metering for electricity, gas, thermal, and water, along with integrated software solutions, five production facilities, and a workforce of approximately 2,800 employees. The move effectively redraws the competitive map of the smart grid industry, creating a newly independent European entity while allowing Landis+Gyr to concentrate its resources on other global regions.

"The completion of this divestiture marks a significant milestone in Landis+Gyr's strategic transformation, sharpening our focus on the Americas and Asia Pacific regions, where we hold leading market positions and see accelerating demand for higher–value software, services and grid–edge intelligence solutions," said Peter Mainz, CEO of Landis+Gyr. "The transaction ensures continuity for customers and employees in EMEA, while enhancing long–term value creation for all stakeholders."

A Strategic Pivot to High-Value Markets

The sale is the capstone of a deliberate strategic pivot by Landis+Gyr to streamline its operations and aggressively pursue higher-margin opportunities. The company is doubling down on the Americas and Asia Pacific, regions where it sees greater potential for its advanced offerings in software, services, and grid-edge intelligence.

Financial disclosures underscore this strategic shift. Following the divestiture, Landis+Gyr has raised its guidance for its continuing operations, now projecting an Adjusted EBITDA margin between 13.0% and 14.5%, a significant increase from the previous range. This reflects the higher profitability of its core Americas and APAC businesses compared to the divested EMEA unit, which operated on tighter margins. In the first half of fiscal year 2025, the continuing operations posted an Adjusted EBITDA margin of 12.9%, compared to 6.0% for the EMEA segment.

Momentum in these core markets is strong, with the company reporting a record committed backlog of USD 3,980 million, a 30.5% year-over-year increase. Notably, approximately 43% of this backlog is comprised of software and services, validating the company's focus on higher-value, recurring revenue streams. The Americas region has been a particular bright spot, with revenue surpassing USD 1 billion for the first time in FY 2023 and continuing to show robust growth.

To further fuel this transformation, Landis+Gyr has made substantial investments in its Grid Edge Intelligence and Smart Infrastructure pillars, including five strategic acquisitions and a seven-year partnership with Google to develop a next-generation "edge-to-cloud" portfolio. The company is also pursuing a U.S. stock exchange listing in the second half of 2026 to better align with its primary market and broaden access to capital.

AURELIUS Builds a New Metering Powerhouse

For the acquired EMEA business, the transition marks the beginning of a new chapter under the ownership of AURELIUS, a firm specializing in complex corporate carve-outs. AURELIUS has a well-established playbook for acquiring non-core divisions and developing them into successful standalone entities, utilizing its in-house operational advisory team, WaterRise, to drive efficiency and growth.

The acquisition of Landis+Gyr's EMEA operations is not an isolated move. It follows AURELIUS's recent acquisitions of Sensus International and Xylem's international water and heat metering business, signaling a clear strategy to consolidate and build a major new player in the European metering industry. By combining these assets, AURELIUS is assembling a formidable portfolio that spans energy and water metering solutions.

Both parties have emphasized a commitment to a seamless transition. AURELIUS plans to operate the business in its entirety, with the existing management team, led by new CEO Robert Evans (formerly EVP EMEA for Landis+Gyr), remaining in place. This move is designed to ensure uninterrupted service for utility customers and stability for the 2,800 employees across 19 countries. The new entity is expected to unveil a new brand identity in the coming months as it establishes itself as an independent force in the market.

Unlocking Value Through Divestment and Buybacks

The transaction, valued at an enterprise value of USD 215 million for a business segment that generated roughly USD 600 million in net revenue in FY 2024, has clear financial objectives for Landis+Gyr. While the company recorded a provisional non-cash impairment charge of around USD 190 million related to the sale, the long-term benefit is a more profitable and focused operational profile.

A central component of the company's value-creation strategy is the direct return of proceeds to its investors. Landis+Gyr's Board of Directors has initiated a share buyback program of up to USD 175 million, which commenced in October 2025. The program, scheduled to run for up to 36 months, underscores the company's commitment to disciplined capital allocation and enhancing shareholder value.

This move aligns with Landis+Gyr's consistent track record of shareholder returns, which includes 11 consecutive years of dividend increases. The company's stock has responded positively to the strategic realignment, gaining nearly 23% over the past year, as investors reward the sharpened focus and improved margin profile.

Competitive Dynamics Shift in European Grid Tech

This divestiture significantly alters the competitive landscape in the EMEA smart metering market, a moderately concentrated field where the top five vendors controlled over half the market in 2025. With Landis+Gyr exiting as a direct competitor, a revitalized and newly independent entity backed by AURELIUS's capital and operational expertise enters the fray.

The timing is opportune. The EMEA smart metering market is buoyed by strong tailwinds, including EU regulatory mandates driving meter rollouts, national decarbonization goals, and the urgent need to modernize aging grid infrastructure. The European smart electric meter market alone is projected to grow to USD 5.6 billion by 2034. The new Landis+Gyr EMEA is well-positioned to capture this growth, potentially with greater agility than it had as a division of a larger global corporation.

This new entity will compete against established giants like Itron, Siemens, Honeywell, and Schneider Electric. However, under AURELIUS's ownership and with a dedicated focus on the unique needs of the EMEA market, it has the opportunity to emerge as a more nimble and formidable contender in the ongoing transformation of the region's energy grid.