Toshiba Corp. is near an agreement to buy Landis+Gyr AG, a Swiss electronic metering company, for more than $2 billion, according to two people with knowledge of the matter.

The companies may announce the sale in the coming days, said the people, who declined to be identified because the details are private. Toshiba beat private equity firms TPG Capital and EQT Partners AB, which also submitted takeover proposals by a May 9 deadline, the people said.