By Anthony O. Goriainoff
Melrose Industries PLC said Monday that it will sell its Ergotron business to funds managed by the Sterling Group for around $650 million.
The London-listed turnaround specialist said the transaction will be payable in cash on completion, which is expected to take place in the third quarter of 2022.
The company said it will outline how it intends to use the net proceeds from the disposal on, or before, completion.
Completion is dependent on the customary U.S. antitrust approvals, it added.
Melrose Industries said that its Ergotron business designs and manufactures ergonomic products that are used in a variety of working, learning and healthcare environments.
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