Joined Nov 11, 2007
31,929 Blog Posts

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.”

Full article

If you enjoy the content at iBankCoin, please follow us on Twitter