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Melrose to sell Elster business to Honeywell for $5.1 bln

Reuters - UK Focus

July 28 (Reuters) - Engineering turnaround specialist Melrose Industries Plc (LSE: MRO.L - news) said it would sell its Elster business to Honeywell International Inc (NYSE: HON - news) for 3.3 billion pounds ($5.14 billion) in cash.

The company, which follows a buy-improve-sell strategy akin to private equity firms, said it would return 2 billion pounds to shareholders after the sale.

Elster, Melrose (Stuttgart: 2NM3.SG - news) 's largest acquisition, houses water, gas and power consumption meter businesses. ($1 = 0.6421 pounds) (Reporting by Esha Vaish in Bengaluru; Editing by Gopakumar Warrier)