Toshiba Corporation has signed an agreement with Innovation Network Corporation of Japan (INCJ), for Landis+Gyr Acquisition.

As per the deal, INCJ will be a strategic investment partner in Toshiba's acquisition of Landis+Gyr.

Toshiba will set up a special purpose vehicle (SPV) in Switzerland for the acquisition of smart meter maker Landis+Gyr capitalised at $1.7bn.

INCJ will also invest $680m in the SPV and secure 40% of its equity, while Toshiba's equity stake will be 60% or $1.02bn