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Energizer Holdings to Sell Varta Consumer Battery Business for USD 401m.

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Vincent

MANews-(C)2009-2019

29 May 2019 - US-based consumer products company Energizer Holdings, Inc. (NYSE: ENR) has reached an agreement to sell the Europe-based Varta consumer battery business, including manufacturing and distribution facilities in Germany, the company said.

The divestiture was made in accordance with the order imposed by the European Commission in connection with the company's acquisition of the battery and portable lighting business from Spectrum Brands Holdings, Inc. in January 2019.

Energizer and Varta AG (XFRA), a German company active in the microbatteries and power and energy, have entered into a definitive agreement for the sale of the Varta Business, for EUR 180m, 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 USD 200m to Energizer in connection with the divestiture of the Varta Business.

As a result of the transaction, Energizer expects to record a loss related to the divestiture in discontinued operations during the third fiscal quarter.

Energizer expects to close the transaction shortly after customary closing conditions are met and upon receipt of the EC's final regulatory approval.

Energizer Holdings, headquartered in St. Louis, MO, is one of the...

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