Elster Group SE (NYSE: ELT), one of the world's largest electricity, gas and water measurement and control providers with products and solutions widely used by utilities in the traditional and emerging Smart Grid markets, today announced the pricing of its initial public offering of American Depositary Shares (ADSs), four of which represent one ordinary share of Elster Group SE, at a price of $13.00 per ADS.

The ADSs will begin trading on September 30, 2010 on the New York Stock Exchange under the ticker symbol ELT. 16.2 million ADSs are being offered for sale.

Of the 16.2 million ADSs, 13.5 million ADSs (approximately 83 percent of the offering) represent new shares issued by Elster Group SE, and the remainder are being offered by existing Elster shareholders. An over-allotment option of up to 2.43 million additional ADSs (15 percent of the ADSs being offered) will also be available from Rembrandt Holdings S.A., Elster's largest shareholder, which is owned by funds advised by CVC Capital Partners.

Assuming completion of the offering and a full exercise of the over-allotment option, Elster's free float will be approximately 16.5 percent.

Deutsche Bank Securities, Goldman, Sachs & Co and J.P. Morgan are acting as joint book-running managers for the offering. Baird, Cannacord Genuity, Piper Jaffray, RBC Capital Markets and Stephens Inc. are acting as co-lead managers of the transaction.

A copy of the final prospectus relating to these securities may be obtained from:

Deutsche Bank Securities

Attn: Prospectus
100 Plaza One
Jersey City, NJ 07311
Tel: (800) 503-4611
Email: [email protected]

Goldman, Sachs & Co.

Attn: Prospectus
200 West Street
New York, NY 10282
Tel: (866) 471-2526
Email: [email protected]
Fax: (212) 902-9316

J.P. Morgan

Attn: Broadridge
Financial Solutions
1155 Long Island Ave.Edgewood, NY 11717
Tel: 866-803-9204

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.