Landis+Gyr Closes Divestment of Stake in Intellihub Joint Venture
Cham, Switzerland – April 1st, 2022 – Landis+Gyr Group AG (SIX: LAND), a leading provider of integrated energy management solutions, today closed the sale of its minority share in Intellihub Operations Pty Ltd, Australia, (“Intellihub”) to the global asset manager Brookfield for a total cash consideration of over AUD 310 million. The transaction was announced in December 2021 when the agreement was signed.
The cash proceeds from the transaction of over USD 220 million will be partially offset by a 30% capital gains tax in Australia and 0.3% Swiss stamp duty. The transaction will be accounted for in the financial year 2022.
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Landis+Gyr is a leading global provider of integrated energy management solutions for the utility sector. Offering one of the broadest portfolios, we deliver innovative and flexible solutions to help utilities solve their complex challenges in Smart Metering, Grid Edge Intelligence and Smart Infrastructure. With sales of USD 1.4 billion in FY 2020, Landis+Gyr employs around 5,000 people in over 30 countries across five continents, with the sole mission of helping the world manage energy better.