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BUZZ-Melrose: Life high on Nortek deal

Reuters - UK Focus

** Melrose (LSE: 136541.L - news) (+23 pct) at its highest level ever after the engineering turnaround specialist says it has agreed to buy Nortek Inc (NasdaqGS: NTK - news) for $1.44 bln (enterprise value of $2.81 bln)

** Melrose, which follows a buy-improve-sell model akin to private equity, has been scouting for a deal since it sold its utility consumption metering business to Honeywell International (NYSE: HON - news) last yr

** Deal will give co access to Nortek's large exposure to the North American ventilation and home security products market at a time when the U.S (Other OTC: UBGXF - news) . construction market has shown buoyancy

** Nortek had earlier been at the centre of media speculation around a potential takeover bid from Otis elevators maker United Technologies

** Co to fund deal via new debt of about $780 mln and a rights issue of to raise about 1.66 bln stg

(Reuters Messaging: noor.hussain.thomsonreuters.com@reuters.net)