American company Honeywell International Inc (NASDAQ:HON) has announced that it will buy the utility consumption meter arm of Britain’s Melrose Industries Plc (LON:MRON) for £3.3 billion, in order to boost its presence in high-growth regions.

The deal is for Melrose’s Elster division:

“Elster’s gas business offers products in high demand among natural gas customers and brings a strong, global distribution network and numerous cross-selling opportunities for existing Honeywell technologies,” Honeywell Chief Executive Dave Cote said.

“Elster also creates a new platform for acquisition targets for Honeywell,” Honeywell Chief Executive Dave Cote said.

Melrose shares rose by 16 percent in early trading on Tuesday, making it the top percentage gainer on the FTSE-250 midcap index.

Honeywell International is an American multinational company that produces a variety of commercial and consumer products, engineering services, and aerospace systems for a wide variety of customers.