General Electric Co (GE.N) is among the bidders for Swiss-based smart metering company Landis+Gyr in an auction that could fetch as much as $2 billion, four people familiar with the matter said. Landis+Gyr has also drawn initial bids from several private equity firms as the auction has advanced to the second round, those people said. However, some buyout firms cooled interest because of high expectations from the seller regarding valuation, these people said. Landis+Gyr, which makes advanced or "smart" meters used for measuring power and other energy use, has hired Credit Suisse (CSGN.VX) and Lazard Ltd (LAZ.N) to advise on a potential sale of the company, people familiar with the matter told Reuters on Feb. 17. Landis+Gyr, which competes with companies such as Itron Inc (ITRI.O) and EnerNoc Inc (ENOC.O), has around $200 million in annual earnings before interest, tax, depreciation and amortization (EBITDA) on roughly $1.5 billion in annual revenues, these people said. The company could be sold for about 10 times EBITDA, suggesting a sale price of roughly $2 billion, the people said. For comparison, Itron trades at roughly 8 times EBITDA.
General Electric Company (GE) is a diversified technology, media and financial services company. Shares of GE traded higher by 3.18% or $0.6395/share to $20.7395. In the past year, the shares have traded as low as $13.75 and as high as $21.65. On average, 57028000 shares of GE exchange hands on a given day and today's volume is recorded at 77311368.
Lazard Limited (Lazard) is a financial advisory and asset management Company. Shares of LAZ fell by 0.29% or $-0.12/share to $40.99. In the past year, the shares have traded as low as $25.70 and as high as $46.54. On average, 705039 shares of LAZ exchange hands on a given day and today's volume is recorded at 523872.
Itron, Inc. (Itron) provides a portfolio of products and services to utilities for the energy and water markets worldwide. Shares of ITRI fell by 0.38% or $-0.21/share to $55.06. In the past year, the shares have traded as low as $50.76 and as high as $81.95. On average, 533660 shares of ITRI exchange hands on a given day and today's volume is recorded at 321612.
EnerNOC, Inc. (EnerNOC) is a provider of clean and intelligent energy solutions, which include demand response services, energy efficiency, or monitoring-based commissioning, services, energy procurement services and emissions tracking and trading support services. Shares of ENOC fell by 0.94% or $-0.16/share to $16.86. In the past year, the shares have traded as low as $16.50 and as high as $36.75. On average, 560710 shares of ENOC exchange hands on a given day and today's volume is recorded at 215016.
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