Landis+Gyr, the Swiss electronic metering company run by Cameron O'Reilly, is being acquired by Toshiba for a $2.3 billion cash consideration.

The deal, which had been well flagged to the market, comes as Toshiba's hopes of growing profits in its nuclear power division are being overshadowed by the crisis at Japan's tsunami-hit Fukushima reactor, and utilities around the world focus on smart grids as a means of saving energy and cutting carbon emissions.

Mr O'Reilly became involved in Landis+Gyr after he left a senior position with Independent News & Media a decade ago and established Bayard, an Australia-based investment group. In 2004, Bayard bought Landis+Gyr and has since expanded its reach to operations in more than 30 countries.

Some of Australia's most eminent businesspeople backed Mr O'Reilly in the Bayard/Landis+Gyr venture, with his father, Sir Anthony O'Reilly.

Cameron O'Reilly will become executive deputy chairman until the transaction closes, after which point he will assist Toshiba in growing its smart grid business as well as pursuing other private interests.

Smart grids are designed to accommodate a range of generation options, including renewables, and to provide customers and utilities with more real time information, enabling them to manage usage and supply more efficiently.

Landis+Gyr is a maker of both smart meter hardware and communication modules, key components of smart grids.

(Additional reporting: Reuters)