Swiss firm sale to benefit O’Reilly

LANDIS+GYR AG, a Swiss electronic metering company, received bids from Japan’s Toshiba Corp and two private equity firms in a sale that may fetch about $2 billion (€1.4bn), according to two people with knowledge of the matter.

A sale of the business will result in a major windfall for Irishman Cameron O’Reilly, chief executive of the company he purchased in 2004 as head and founder of Australia-based Bayard Capital. Bayard’s backers include some of Australia’s wealthiest families and the family of Mr O’Reilly — his father is former Independent News and Media chairman and chief executive Tony O’Reilly.

TPG Capital and EQT Partners AB submitted proposals by the May 9 deadline, and Landis+Gyr’s board, according to the three people, who declined to be identified because the details are private.