Deals
Melrose to Start Over After $5 Billion Sale Leaves Cupboard Bare
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Melrose Industries Plc, the U.K. investor that buys and sells engineering companies, said it’s ready to start over as the 3.3 billion-pound ($5 billion) sale of utility-meter maker Elster strips it of major assets.
The agreed sale to Honeywell International Inc. has given Melrose a quicker-than-expected return on the $2.3 billion it spent on the German company less than three years ago but leaves only Brush Energy, worth one-fifth as much, in the portfolio.