The weakest pound in 31 years hasn’t totally buried U.K. companies’ pursuit of acquisitions abroad. 

In the first post-Brexit transaction involving a U.K. acquirer, Melrose Industries plc agreed to buy U.S. ventilation-fan maker Nortek Inc. (Nasdaq: NTK) for $2.8 billion, betting that dollar-profits from the business and operational improvements will make up for an acquisition made more expensive by the pound’s slump.

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