Strix Group to Sell Water Systems Unit for GBP110 Million

06:28 AM EST, 12/19/2025 (MT Newswires) -- Strix Group (KETL.L) said Friday it agreed to sell its Billi water systems business, including Strix Australia and regional subsidiaries, to Birmingham Bidco for 110 million pounds sterling, or 0.478 pound per share, on a cash-free, debt-free basis. Proceeds will be used to strengthen the kettle safety controls company's balance sheet, repay debt, fund a potential 10 million-pound share buyback program, as well as for investment and working capital purposes. The deal is expected to be completed on Jan. 30, 2026, subject to shareholder approval at a general meeting on Jan. 8, 2026. Strix added that Billi, acquired in November 2022 for 38 million pounds, is expected to generate 47 million pounds of revenue in 2025.