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Melrose Industries PLC Announces Sale Of Crosby & Acco

Thursday, 10 Oct 2013 02:00am EDT 

Melrose Industries PLC (Melrose) announced that it has signed a conditional agreement for the disposal of Crosby and Acco (Crosby) to a newly incorporated company controlled by affiliates of Kohlberg Kravis Roberts & Co L.P. The total consideration of USD1,010 million (GBP627.3 million) is payable in cash on completion. The disposal is conditional, amongst other things, upon obtaining anti-trust clearances in various jurisdictions, including the United States, and is targeted for completion during 2013. Melrose intends to use the proceeds to pay down existing borrowings and to finance a return of capital in due course.