Melrose to slice off Elster Water

FTSE 250 investment company Melrose Industries is reportedly planning to dispose of the water division of smart meter business, Elster.

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According to sources cited by the Sunday Times, Melrose has appointed Barclays to begin the sale process, with the auction set to start in the next few months.

The publication said that a number of private equity firms are thought to have expressed an interest and that analysts believe the business could be worth as much as £300m.

Melrose privatised Elster in 2012 after agreeing a $2.3bn deal with CVC Capital Partners.