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Smiths Group sells power business to investment firm Dunes Point

Reuters

(Reuters) - British engineering conglomerate Smiths Group Plc (SMIN.L) said on Thursday that it sold the power business of one of its units to private investment firm Dunes Point Capital as a part of a plan to make the company leaner.

Smiths Group said it sold Smiths Interconnect's power business in a deal with an enterprise value of 162 million pounds ($204 million), and that it would reinvest the proceeds.

Smiths Interconnect is the conglomerate's second-smallest unit and the power business accounted for about 3 percent of the company's total 2016 revenue of nearly 3 billion pounds.

Smiths Group had sold its artificial lift business, a part of its John Crane unit in September for $39.2 million.

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The company's shares were up 1.1 percent at 1509 pence at 1039 GMT on Thursday on the London Stock Exchange.

Harris Williams & Co gave Smiths Interconnect's power business financial advice.

(Reporting by Vidya L Nathan in Bengaluru; Editing by Savio D'Souza)