AURELIUS has entered into a share purchase agreement to acquire the EMEA metering business from SIX Swiss Exchange-listed Landis+Gyr for an enterprise value of $215 million. Xylem, a leading global water solutions company, has also entered into a definitive agreement for AURELIUS to acquire the assets of its water and heat metering business outside North America.
Landis+Gyr Deal
The transaction scope of Landis+Gyr EMEA encompasses the metering portfolio for residential electricity, ICG electricity, gas, and thermal solutions, as well as related software and services across Europe, the Middle East, and Africa.
With over a century of experience in Swiss precision engineering, Landis+Gyr EMEA has built a reputation for high-quality products. AURELIUS sees growth potential in the company’s offerings and will leverage its in-house operations advisory team, AURELIUS WaterRise, to help Landis+Gyr EMEA thrive as an independent business by focusing on carve-out execution and strategies to boost revenue and profitability.
The deal is pending regulatory approvals and is expected to close in Q2 2026.
Xylem Deal
This deal involves Xylem’s international metering business, part of its Measurement and Control Solutions segment, including assets and facilities serving customers in Europe and select international markets. In 2024, this division generated approximately $250 million in revenue, but its Adjusted EBITDA margin is dilutive to Xylem.
Xylem will retain its North American metering business, which drives growth and long-term value. The smart metering portfolio will continue under the Sensus name in North America.
The transaction is expected to close in the first quarter of 2026, pending regulatory approvals and other customary conditions. Employees from the international division will join a standalone Sensus International group owned by AURELIUS, which will continue using the Sensus International name outside North America.
The financial terms of the transaction have not been disclosed.
Advisors for the Landis+Gyr deal: AURELIUS was advised by Alantra (M&A), Baker McKenzie (Legal), EY (Financial and Tax), Roland Berger (Commercial), Aon (Insurance), and Haver & Mailänder (Antitrust) for this deal.
Key Quotes (Landis+Gyr Deal):
“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.”
Fabian Steger, Managing Director AURELIUS Funds IV and V
“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.”
Franz Woelfler, Partner at AURELIUS Investment Advisory
Key Quotes (Xylem Deal)
“This decision reflects our strategy to simplify our portfolio and focus on where we can have the greatest impact empowering customers and communities to build a more water-secure world. The international metering business has a different product mix and margin profile than our core operations. In contrast, our scale, capabilities and leadership in the North American smart metering market position us to capture meaningful growth.”
“We’re deeply grateful to our customers and colleagues whose dedication and partnership have been instrumental in shaping the international metering business. I look forward to seeing them advance this important work with AURELIUS.”
Matthew Pine, Xylem president and CEO
