LANDIS+GYR, the Swiss electronic metering company run by Cameron O’Reilly, has reportedly attracted a bid from Toshiba that could lead to a $2 billion sale.

The Swiss group is also said to have received bids from two private equity firms – TPG Capital and EQT Partners – as it conducts an auction process in tandem with advancing plans for an initial public offering.

A spokesman for Landis+Gyr declined to comment on “market speculation” yesterday. The story was initially reported in Japanese business newspaper, Nikkei.

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, known to have held 7 per cent of Landis+Gyr in 2008.

The company’s spokesman was unable yesterday to say whether or not this has since changed and declined to comment on Cameron O’Reilly’s shareholding in the business.

In a $2 billion sale, a 7 per cent stake would be valued at $140 million.

It is likely any sale, if progressed, would be agreed within the coming month.

A flotation would be pencilled in for later in the year if a sale is not concluded.

Landis+Gyr makes smart meters that allow utilities to check energy use remotely and can be connected to equipment that shows customers when rates are highest.

“The company’s client network is probably attracting bidders like Toshiba, said Masahiko Ishino, an analyst at Mitsubishi UFJ Morgan Stanley Securities in Tokyo.

- Additional reporting, Bloomberg