Spectrum Brands and HRG Group, a holding company with shares of Spectrum Brands, have entered into a definitive merger agreement. The deal, valued at $10 billion, has been approved by the boards of Spectrum Brands and HRG.
Following the transaction, the current Spectrum Brands management team will lead the combined company. The transaction is expected to close by the end of the second calendar quarter of 2018, with the combined company maintaining the corporate name Spectrum Brands Holdings, Inc. and will trade under the ticker “SPB.” It will remain headquartered in Middleton, WI.
According to the company, the combination with HRG will not have an impact on Spectrum Brands’ previously announced exploration of alternatives for its appliances business, which officials said has received strong interest from potential buyers with an expected agreement and closing by the end of fiscal year 2018.