Spectrum Brands Holdings Inc. signed a merger agreement to acquire Armored AutoGroup Parent Inc. from Connecticut-based Avista Capital Partners.
Armored AutoGroup Parent Inc. is a consumer products company that includes the Armor All, STP, and A/C PRO auto aftermarket brands.
The deal is worth $1.4 billion in cash and assumed debt, according to a release.
A combination of new debt and about $500 million in Spectrum Brands common stock is expected to fund the transaction, which should close by June 30, the end of Spectrum’s fiscal third quarter.
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