Energizer To Sell Varta Consumer Battery Business For $401.0 Mln - Quick Facts

(RTTNews) - Energizer Holdings, Inc. (ENR) announced that it agreed to sell the Europe-based Varta consumer battery business, including manufacturing and distribution facilities in Germany for $401 million.

Energizer stated that the divestiture was made in accordance with the order imposed by European Commission or EC in connection with the Company's acquisition of battery and portable lighting business from Spectrum Brands Holdings, Inc. in January 2019.

Energizer and VARTA AG (XFRA), entered into definitive agreement for the sale of Varta Business, for 180 million euros. Pursuant to deal with Spectrum for Spectrum's global battery and lighting business, Spectrum will be contributing an additional $200 million to Energizer in connection with divestiture of the Varta Business.

As a result of 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.