1 Min Read
ZURICH, July 3 (Reuters) - Swiss smart meter maker Landis+Gyr said on Monday it plans an initial public offering (IPO) in the third quarter as its owner, Japanese conglomerate Toshiba, scrambles to raise funds to cover losses at U.S. nuclear unit Westinghouse.
Toshiba and the Innovation Corporation Network of Japan (ICNJ) plan to sell their entire stakes, Landis+Gyr said in a statement, with the shares to be listed on the SIX Swiss Exchange.
Toshiba had previously spurned a nearly $2 billion offer to buy Landis+Gyr from CVC Capital Partners and Hitachi, Reuters has reported. (Reporting by John Miller)