Green light for Energizer-Spectrum deal

|By:, SA News Editor

Energizer Holdings (NYSE:ENR) and Spectrum Brands (NYSE:SPB) announce that the FTC has cleared the merger between the two companies under the HSR terms and expiration date.

The merger transaction still remains subject to other customary closing conditions, including regulatory approvals in several jurisdictions outside the U.S.

The deal is expected to close in the second half of calendar 2018.

"We look forward to closing the acquisition of Spectrum Brands' battery and lighting products business and welcoming their global team into the Energizer family," says Energizer CEO Alan Hoskins.

"The combination will expand our presence in a number of international markets, broaden our product portfolio and manufacturing capabilities, and increase our ability to bring innovative new products to consumers," he adds.

ENR +8.43% premarket to $57.50. SPB +4.31% to $94.00.

Keep an eye on J.M. Smucker (NYSE:SJM) and ConAgra Brands (NYSE:CAG), which cancelled their proposed deal due to FTC scrutiny and may now look toward Plan B.

Source: Press Release