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    LAND   CH0371153492

LANDIS+GYR GROUP AG

(LAND)
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Delayed Swiss Exchange  -  05/20 11:30:39 am EDT
53.35 CHF   +0.47%
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Landis+Gyr divests stake in Intellihub joint venture

12/20/2021 | 01:00am EDT

EQS-Ad-hoc: Landis+Gyr Group AG / Key word(s): Disposal
Landis+Gyr divests stake in Intellihub joint venture

20-Dec-2021 / 06:57 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.


Cham, Switzerland and Sydney, Australia - December 20th, 2021 - Landis+Gyr Group AG (SIX: LAND), a leading provider of integrated energy management solutions, today announced that its subsidiary Landis+Gyr Pty Ltd. has entered into an agreement to sell its ownership in Intellihub Operations Pty Ltd ('Intellihub') for over AUD 310 million in total.

The buyer, global asset manager Brookfield will become a strategic investor in Intellihub Group, the smart utility infrastructure-as-a-service company, alongside Pacific Equity Partners' (PEP) Secure Assets Fund. Brookfield will acquire Landis+Gyr's 16.8% interest in the company, diluted from approximately 20% after the conversion of a previously issued convertible note during the course of the transaction. The transaction is subject to various closing conditions, and once the transaction is completed, Intellihub will be jointly owned by Brookfield Infrastructure and PEP.

'The investment in Intellihub has been a great success for Landis+Gyr and we believe that Brookfield's investment in Intellihub comes at an appropriate time in the energy transition that Australasia is undergoing. While we look forward to continuing to partner with Intellihub as a customer in the future, we are focusing our efforts on the expansion of our position in smart infrastructure, grid edge intelligence and smart metering solutions and services', said Werner Lieberherr, Chief Executive Officer Landis+Gyr. 'The proceeds of the sale will be reinvested in both organic and inorganic strategic growth areas to drive the decarbonization of the grid and empower utilities and consumers around the world to manage energy better.'

In financial year 2020, Landis+Gyr had extended its supply contract with Intellihub until 2026, ensuring smart meter supply continues across their Australia and New Zealand meter provision business.

The Intellihub joint venture was formed in May 2018, with Landis+Gyr contributing both cash and its 2015 established Intellihub business for an approximate 20% stake in the joint venture.

Landis+Gyr expects the cash proceed for the transaction of over USD 220 million, at the time of closing, to be partially offset by capital gain tax in Australia and stamp duty in Switzerland.

The transaction is expected to close by the end of February 2022.

About Landis+Gyr
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. For more information, please visit our website www.landisgyr.com.

Contact Media 
Melissa van Anraad 
Head of PR
Phone +41 41 935 6398 
Melissa.vanAnraad@landisgyr.com

Eva Borowski 
SVP Investor Relations & Corporate Communications 
Phone +41 41 935 6396 
Eva.Borowski@landisgyr.com

Contact Investors 
Christian Waelti 
Head of Investor Relations 
Phone +41 41 935 6331 
Christian.Waelti@landisgyr.com



End of ad hoc announcement
Language: English
Company: Landis+Gyr Group AG
Alte Steinhauserstrasse 18
6330 Cham
Switzerland
E-mail: ir@landisgyr.com
Internet: www.landisgyr.com
ISIN: CH0371153492
Valor: 37115349
Listed: SIX Swiss Exchange
EQS News ID: 1259730

 
End of Announcement EQS News Service

1259730  20-Dec-2021 CET/CEST

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© EQS 2021
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Sales 2022 1 482 M - -
Net income 2022 87,1 M - -
Net Debt 2022 86,0 M - -
P/E ratio 2022 20,7x
Yield 2022 4,07%
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Nbr of Employees 6 500
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Werner Lieberherr Chief Executive Officer
Elodie Cingari Chief Financial Officer & Executive Vice President
Andreas Vicente Umbach Executive Chairman
Eric A. Elzvik Lead Independent Director
Andreas Stanley Spreiter Independent Director
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