Deals
Melrose to Acquire Elster for $2.3 Billion to Add Metering
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Melrose Plc, a U.K. investment company focused on engineering companies, agreed to buy Elster Group SE for $2.3 billion in cash to access gas- and power-meters for advanced electricity grids.
The $20.50-a-share offer for Elster, partly owned by CVC Capital Partners Ltd., will be funded by a 1.2 billion-pound ($1.9 billion) rights offering and debt, the London-based company said. The offer is 49 percent higher than Elster’s closing price on June 11, the day prior to bid speculation.