Sensus International, the Ludwigshafen, Germany-based water and thermal energy metering company carved out of Xylem Inc. in May 2026, announced that it will acquire the water metering business of EYKON AG, the Cham, Switzerland-headquartered company formerly known as Landis+Gyr EMEA. Both companies are owned by the private equity investor AURELIUS, and neither party disclosed a price, a closing date or the revenue of the unit changing hands. Sensus International said it will move the acquired assets into its manufacturing facility in Slovakia and aims to put the product range back on the market by the end of 2026.
An Intra-Portfolio Transfer Between Two AURELIUS Carve-Outs
The deal moves assets sideways within a single ownership structure rather than across a market boundary. EYKON’s announcement describes both companies as part of the AURELIUS Midmarket portfolio and states that EYKON will keep fulfilling existing customer commitments under the terms already agreed with those customers.
AURELIUS assembled that portfolio through two carve-outs signed within days of each other in autumn 2025. It agreed on 29 September 2025 to buy the EMEA business of Landis+Gyr Group AG for an enterprise value of USD 215 million, a unit that generated more than USD 600 million of net revenue in fiscal 2024. Three days later, Xylem agreed to sell AURELIUS its water and heat metering operations outside North America, which produced approximately USD 250 million of revenue in 2024.
Landis+Gyr completed the EMEA divestiture with economic effect from 31 March 2026, transferring five production sites and approximately 2,800 employees. The Xylem carve-out closed on 26 May 2026, as Kurrant reported at the time. The former Landis+Gyr EMEA unit adopted the EYKON name in the summer and unveiled the full brand on 31 August 2026.
The Same Shareholder Sits On Both Sides Of The Table
The leadership structure on the selling side is unusual for a divestment. EYKON appointed Dr. Alexander Henschel as chief executive on 14 August 2026, replacing Robert Evans, and stated that Henschel would continue in parallel as Managing Director Strategy and Transformation at AURELIUS, the shareholder of both the seller and the buyer.
Consolidating overlapping product lines is a standard operational step for a private equity owner running parallel carve-outs, but no competitive sale process has been disclosed, and the valuation placed on EYKON’s water business is not public.
What Sensus International Says It Is Buying
Sensus International framed the transaction around technology rather than scale, saying the assets include ultrasonic water meters that widen the range of customer applications and market requirements it can address. Chief executive Colin Walsby linked the purchase to the development of new product variants at the company’s own plant.
“EYKON’s water metering assets complement our existing portfolio and strengthen our ability to offer customers a broader range of trusted and innovative metering solutions,” said Colin Walsby, CEO of Sensus International, in the company’s September 2026 press release.
Neither company named the specific products that are transferring. EYKON’s current water catalogue, inherited from Landis+Gyr, is built around the ULTRAWATER W270 and ULTRAWATER W370 ultrasonic meters that Landis+Gyr launched at Enlit Europe in November 2022. Both are offered with either NB-IoT or a combined LoRa and wireless M-Bus (OMS 4) interface.
Landis+Gyr stated at launch that the meters are fully recyclable and designed for a service life of more than 15 years, and the W370 product page cites a 15-year battery life, both of which are manufacturer figures that have not been independently audited.
Scale Is Still The Missing Figure
The announcements say nothing about the size of the business being moved, which leaves utilities and competitors without annual unit volumes or any measure of the installed base that Sensus International will now be expected to support.
EYKON states that it serves customers in more than 75 markets and supports more than 100 million connected endpoints, but those figures are vendor-supplied, span electricity, gas and heat as well as water, and describe the group rather than the water unit on its own.
EYKON’s own release describes water as a sector in which it built a presence over recent years, alongside a much older electricity metering franchise, which suggests the water activity is small relative to the rest of the group.
On the buying side, the Xylem-era Slovak catalogue already lists the ECCUS ultrasonic meter with LoRaWAN and wireless M-Bus connectivity, so the EYKON line adds a second ultrasonic platform to the portfolio rather than introducing ultrasonic measurement for the first time.
Moving Production Creates A Supply Gap
The integration plan implies a pause in availability. Sensus International said it is transferring the assets into its Slovak manufacturing facility and plans to reintroduce the product range by the end of 2026. That wording indicates the meters will not be supplied by the new owner until production restarts at the new site.
Water meters sold in the European Union fall under the Measuring Instruments Directive (2014/32/EU), whose conformity assessment covers the manufacturer and its production quality system, so relocating a product line to a different factory typically requires updated certification before volume shipments can resume.
Sensus International said it will keep serving EYKON’s existing water customers during and after the transition, either directly or in some cases through EYKON. A utility with an active framework agreement could therefore deal with two counterparties for a single meter fleet for a period of time.
How The Split Changes The AURELIUS Metering Platform
When the two acquisitions were signed, we noted that they positioned AURELIUS to combine water, heat, gas and electricity metering under a single owner. This week’s transfer points toward specialisation by company rather than one integrated vendor, at least for water.
Sensus International, which employs more than 800 people across Europe, the Middle East, Latin America and Asia, now concentrates the group’s water metering activity against established European competitors such as Diehl Metering, Kamstrup and Apator, while EYKON keeps its electricity, gas and heat metering and its software business.
The practical question for any utility already running W270 or W370 meters is which company will carry firmware support and the long-tail battery warranty obligations on devices already in the ground once production moves to Slovakia, a division of liabilities that neither announcement addresses.
