Melrose agrees terms on £1.5bn German acquisition

WARWICKSHIRE-based manufacturing turnaround specialist Melrose has agreed terms to acquire German firm, the Elster Group, in a deal worth £1.5bn.The deal sees Mintford, a wholly owned subsidiary of Melrose, acquire the entire issued ordinary share capital of Elster. The acquisition will be implemented principally by a US tender offer to Elster shareholders at a price of $82 per Elster share - approximately $2.3bn or £1.5bn in aggregate - which is expected to begin on or about July 6, 2012.