Spectrum Brands Holdings announced it will combine with its largest shareholder, HRG Group Inc., in a transaction expected to close by the end of the June, according to a release.
Spectrum Brands will become an independent company as a result, with a widely distributed shareholder base. Spectrum Brands will remain in Middleton and retain its management team.
The move will not affect previously announced pending sales of Spectrum’s global battery business to Energizer Holdings Inc., or its search for a buyer of its appliance business.
The deal, valued at $10 billion, still needs approval. The combined company will retain the name Spectrum Brand Holdings Inc. and trade under the ticker “SPB.”
