Aurelius Expands Smart Metering Portfolio with Double Acquisitions from Landis+Gyr and Xylem

Published on October 7, 2025

In two closely timed transactions, private equity firm Aurelius is expanding its footprint in global metering by acquiring operations from both Landis+Gyr and Xylem.

On September 29, 2025, Landis+Gyr Group AG agreed to sell its Europe-Middle East-Africa (EMEA) metering business to Aurelius for an enterprise value of USD 215 million. The deal covers the full portfolio of residential and ICG electricity, gas, thermal, and water metering, along with integrated software and services. The EMEA segment had generated around USD 600 million in net revenue in 2024. The divestment includes five production sites and about 2,700 employees. A non-cash impairment of approximately USD 190 million will likely be booked in Landis+Gyr’s first half 2025 results, with the EMEA business reclassified as discontinued operations. The transaction is expected to close in Q2 2026, pending regulatory and other closing conditions.

Just days later, on October 2, 2025, Xylem Inc. signed a definitive agreement to sell its international water and heat metering business (outside North America) to Aurelius. This unit, part of Xylem’s Measurement & Control Solutions segment, generated about USD 250 million in revenue in 2024 and reportedly had an adjusted EBITDA margin that weighed on the company’s performance. Xylem will retain and continue developing its North American metering assets under the Sensus brand. The deal is slated to close in Q1 2026, subject to regulatory approvals and carve-out conditions. Financial terms were not disclosed.

Together, these acquisitions position Aurelius as a consolidator in the metering industry, spanning energy and water across multiple geographies.

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