Melrose Industries to Sell Elster Business to Honeywell for £3.3 Billion
07.28.15
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Simpson Thacher is representing Melrose Industries PLC (“Melrose Industries”) in connection with the announced sale of its Elster business to Honeywell International Inc. for a cash consideration of £3.3 billion (US$5.1 billion). Melrose Industries intends to use the proceeds of the sale to finance a return of capital of over £2 billion to shareholders and for general corporate purposes, including paying down existing borrowings. The transaction is expected to close in the first quarter of 2016.
The Elster business comprises three separately managed business units including Elster Gas, the gas meters, systems, heat process units and technologies business segment; Elster Electricity, the electricity meters, communications and energy management business segment; and Elster Water, the water metering and communications systems business segment.
The Simpson Thacher team includes Adam Signy, Clare Gaskell, James Connor, Laura Kichenside, Linford Coates and Rebecca Jack (M&A); and David Vann, Étienne Renaudeau, Tara Kelly and Alessia De Quincey (Competition).