Energizer Holdings Inc. ENR, -4.50% announced Thursday a deal to buy Spectrum Brands Holdings Inc.'s SPB, +2.94% global auto care business in a cash and stock deal valued at $1.25 billion. Spectrum's stock was up 0.7% in premarket trade, while Energizer' stock was still inactive. The battery maker also said it has amended its agreement with Spectrum regarding the proposed $2.0 billion acquisition of Spectrum's battery and portable lighting business, and proposed a remedy to the European Commission's concerns over the acquisition. Energizer said its proposal to the EC includes divesting the Europe-based Varta consumer battery business, which would reduce the expected purchase price to $1.4 billion to $1.5 billion. The purchase of the auto care business will be financed through $938 million in cash and $312 million worth of newly issued shares. Earlier, Energizer reported a fiscal fourth-quarter profit that topped expectations but sales that missed. Energizer's stock has rallied 17% year to date through Wednesday, while Spectrum shares have plunged 39% and the S&P 500 SPX, -0.86% has gained 1.1%.
Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.
Read again Energizer to buy Spectrum's auto care business for $1.25 billion, amends deal to buy battery business : https://ift.tt/2K7a6fdBagikan Berita Ini
0 Response to "Energizer to buy Spectrum's auto care business for $1.25 billion amends deal to buy battery business"
Post a Comment