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Melrose to sell Elster business to Honeywell for $5.1 billion


    (Reuters) - Engineering turnaround specialist Melrose Industries Plc said it would sell its Elster business to Honeywell International Inc 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's largest acquisition, houses water, gas and power consumption meter businesses.

    (Reporting by Esha Vaish in Bengaluru; Editing by Gopakumar Warrier)