Melrose sells Truth for £129m

Investment firm Melrose said yesterday it is selling Truth Hardware to AIM-listed Tyman for $200m (£129m) in order to pay off existing debt. The FTSE 100-listed company said that the sale of the hardware manufacturer is expected to complete in June 2013. Tyman will fund the acquisition through a share sale and a $100m loan underwritten by its nominated adviser and broker Canaccord Genuity, along with HSBC.