Landis+Gyr has acquired Luna Elektrik Elektronik Sanayi ve Ticaret., a Turkish provider of smart metering devices for electricity, water and heat and associated software for a high double digit million US dollar purchase price.

With headquarters in Izmir, Turkey, Luna is a leading meter provider in Turkey and has established a strong position in engineering, certification and manufacturing of metering products.

“The acquisition of Luna offers a unique opportunity for Landis+Gyr, as it allows us to expand our core capabilities in smart metering while increasing our offering of cost-competitive solutions with well-established manufacturing capabilities in Izmir,” said Werner Lieberherr, chief executive officer of Swiss firm Landis+Gyr. “Luna’s range of devices and software complements our portfolio and thus will allow us to expand our reach and serve our customers even better.”

With revenues of around $60m and more than 850 employees, Luna will allow Landis+Gyr to acquire a meaningful share of the Turkish market, where the transition to advanced metering infrastructure (AMI) has yet to commence, and use Luna’s vertically integrated manufacturing to drive sales in adjacent markets.

Currently, Luna exports products to numerous countries in Africa, Asia, Europe and South America. Luna also offers electricity meters for Germany, where it has established a foreign sales entity.

“Our mission is to create value for our employees and customers as the first-choice partner with our products, after-sales services, reliability and high business ethics,” said Mustafa Karabağli, chairman of Luna Elektrik Elektronik Sanayi ve Ticaret. “We are happy and excited to join Landis+Gyr and look forward to supporting even more customers on their journey towards a smarter grid with our product portfolio and cost-effective solutions.”

The transaction is expected to close by the end of this year with closing being subject to customary governmental approvals and other customary closing conditions. After the closing, the current management team will continue to drive Luna’s market expansion and profitable growth as part of the Landis+Gyr group.