Town and Country-based Energizer Holdings is acquiring Spectrum Brands’ auto care business for $1.25 billion, the company announced Thursday.
Energizer, the battery and lighting manufacturer, also announced amendments to its agreement to buy Spectrum’s battery and portable lighting business.
Energizer will pay $938 million in cash and $312 million in stock to acquire the auto care business from Madison, Wisconsin-based Spectrum. The business includes brands like Armor All, STP and A/C Pro.
It’s the second acquisition of an auto products business Energizer has announced inside of six months, following its June agreement with Nu Finish.
Battery and lighting
In its acquisition of Spectrum’s battery and lighting business, first announced in January, Energizer is making concessions to appease European antitrust regulators.
The company has agreed to divest Varta, a European consumer battery business, including its manufacturing and distribution facilities in Germany.
As a result of the divestitures, Energizer now projects the net purchase price for the deal to be $1.4 to $1.5 million.
It expects the deal, which has already won approval from regulators in the U.S., Australia and Colombia, to close in early 2019.