Energizer Holdings, Inc. Announces Agreement To Sell The Europe-Based Varta® Consumer Battery Business For $401.0 Million
Energizer Holdings, Inc. (ENR)
Last energizer holdings, inc. earnings: 2/5 06:45 am
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Source: PR Newswire
ST. LOUIS, May 29, 2019 /PRNewswire/ -- Energizer Holdings, Inc. (NYSE: ENR) ("Energizer") announced today that it reached an agreement to sell the Europe-based Varta® consumer battery business, including manufacturing and distribution facilities in Germany (the "Varta Business"). The divestiture was made in accordance with the order imposed by the European Commission ("EC") in connection with the Company's acquisition of the battery and portable lighting business from Spectrum Brands Holdings, Inc. ("Spectrum") in January 2019.Energizer and VARTA AG (XFRA), a German company active in the microbatteries and power & energy, have entered into a definitive agreement for the sale of the Varta Business, for €180 million, subject to purchase price adjustments. Pursuant to the terms of the acquisition agreement with Spectrum for Spectrum's global battery and lighting business, Spectrum will be contributing an additional US $200 million to Energizer in connection with the divestiture
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