Essen, Germany --- (METERING.COM) --- June 29, 2012 - The Elster Group has entered into a definitive agreement for acquisition by British business improvement company Melrose PLC for $2.3 billion, the company has announced.
This follows the announcement last week that the two companies were in discussions regarding possible acquisition, which was unanimously approved by the administrative board of Elster.
“This transaction will consolidate ownership of Elster and deliver value to current stakeholders,” said Simon Beresford-Wylie, chief executive officer of Elster in a statement. “Melrose has a proven track record of enhancing the value of the companies it acquires and is committed to supporting Elster's outstanding employees and management team in executing its plan to capitalize on the growth we see in the sector.”
According to the statement Elster expects to continue operating as an independent business with an administrative board that reflects the new ownership structure, and with Melrose chief executive Simon Peckham and current Elster chief legal officer Thomas Preute as managing directors.
Following the closing of the offer Beresford-Wylie and Elster chief financial officer Rainer Beaujean plan to pursue other opportunities outside of the company, and Melrose CFO Geoff Martin will serve as CFO of Elster.