Australia: Middletons acts for Landis+Gyr AG in its $2.3 billion sale to Toshiba
straight talking
Last Updated: 28 September 2011

Middletons successfully acted for Landis+Gyr AG in its recent $2.3 billion sale to Toshiba. The company is a global industry leader in total metering solutions for energy measurement and has installed over 300 million electricity meters, making it a dominant player globally.

Middletons partner Murray Landis who acted on the deal said, "Middletons provided comprehensive legal advice on the equity structure and the Inter Seller Agreement, which was the foundation for the sale and allocation of sale proceeds to its diverse shareholding base."

"Thanks to KPMG who provided complex modelling services and tax advice, Middletons was able to deliver legal advice on the equity structure and the rights and interests of shareholders culminating in a successful trade sale to Toshiba."

Landis+Gyr helps utilities manage energy better. As the largest global player in electricity metering with one of the broadest portfolios of products and services, its meters and solutions empower utilities and consumers to improve their energy efficiency, reduce energy costs and thus contribute to a sustainable use of resources.

Middletons partner Adam Levine said, "Landis+Gyr AG had one of the most complex equity structures I have seen in all my years of practice. The major challenge was sorting through a structure comprising convertible notes, warranty management shares and several classes of shares with deferred rights. All of this had to be completed in a tight timeframe. The added factor of working with several jurisdictions added to the complexity of the transaction."

Since 1896 Landis+Gyr (originally known as "Electrotechnishes Institut Theiler and Co.") has been designing and manufacturing high quality, state of the art electricity meters. Based in Zug, Switzerland, the company had access to a highly skilled workforce and distribution system throughout Europe. In 1924 the company expanded globally with the establishment of its first overseas office in New York.

Middletons' legal team comprised partners Murray Landis and Adam Levine, and special counsels Clive Cachia and Neil Miller.

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