Energizer Holdings’s $2 Billion Acquisition of Spectrum Brands’ Global Consumer Battery Business

RBC Capital Markets acted as exclusive financial advisor and Kirkland & Ellis LLP acted as legal advisor to Spectrum Brands in connection with the transaction.

Spectrum Brands Holdings, Inc. (NYSE: SPB) (“Spectrum Brands”), a global consumer products company offering a portfolio of leading brands providing superior value to consumers and customers every day, announced today that it has entered into a definitive agreement to sell its Global Battery and Lighting Business (“Battery Business”) to Energizer Holdings, Inc. (NYSE: ENR) (“Energizer”) for $2.0 billion in cash. The Company expects to use the net cash proceeds after tax and transaction costs to reduce debt, reinvest in its core businesses both organically and through bolt-on acquisitions, and repurchase shares.

The transaction is expected to close prior to the end of calendar 2018, subject to customary closing conditions, including regulatory approvals.

Spectrum Brands had previously announced on January 3, 2018 that it was exploring strategic alternatives for its Global Batteries & Appliances (GBA) businesses. Spectrum Brands is actively marketing its Appliances business. No assurance can be given that any transaction will result from these efforts. The Company does not intend to comment on or provide updates regarding the exploration of strategic options unless and until it determines that further disclosure is appropriate or required based on the then-current facts and circumstances.

The Kirkland team was led by corporate partners Sarkis Jebejian (Picture), Jonathan Davis and Clement Smadja and associates Lisa Phua and Michelle Miao; tax partners Dean Shulman and Benjamin Schreiner; antitrust partners Matthew Reilly, Marin Boney and Paula Riedel; financing partners Suhan Shim and Ross Leff; and technology & IP transactions partners Seth Traxler and David MacDonald.

 

Involved fees earner: Sarkis Jebejian – Kirkland & Ellis; Jonathan Davis – Kirkland & Ellis; Clément Smadja – Kirkland & Ellis; Lisa Phua – Kirkland & Ellis; Michelle Miao – Kirkland & Ellis; Dean Shulman – Kirkland & Ellis; Benjamin Schreiner – Kirkland & Ellis; Matthew Reilly – Kirkland & Ellis; Marin Boney – Kirkland & Ellis; Paula Riedel – Kirkland & Ellis; Suhan Shim – Kirkland & Ellis; Ross Leff – Kirkland & Ellis; Seth Traxler – Kirkland & Ellis; David MacDonald – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Spectrum Brands Holdings;

 

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Author: Ambrogio Visconti