HONEYWELL INTERNATIONAL INC acquired Elster Group for $5.1 billion, a transaction completed in December 2015, structured as Cash acquisition of the Elster division carved out from Melrose Industries plc; subject to U.S., EU and China regulatory and Melrose shareholder approvals.
Elster Group operates in Automation and Control Solutions (Environmental & Energy Solutions), is based in Essen, Germany. Honeywell acquired the Elster division of Melrose Industries plc, a global leader in thermal-gas solutions and in gas, electricity and water metering, including smart meters, software and data-analytics offerings. Elster operated three units (Elster Gas, Elster Electricity and Elster Water) and was expected to post roughly $1.8 billion in sales in 2015. Honeywell completed the acquisition for approximately $5.1 billion.
Deepens Honeywell's presence in gas heating, controls and metering and strengthens exposure to natural-gas infrastructure, smart-metering and connected energy solutions, adding scale, installed base and software/analytics capabilities.
Advisory firms were not disclosed for this transaction.