Melrose To Acquire Elster For $2.3 Billion To Add Metering

“Melrose Plc (MRO), a U.K. investment company focused on engineering companies, agreed to buy Elster Group SE (ELT) 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.”

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