Spectrum Brands Sells Battery & Lighting Unit to Energizer for $1B
Ticker: SPB · Form: 8-K · Filed: May 28, 2024 · CIK: 109177
| Field | Detail |
|---|---|
| Company | Spectrum Brands Holdings, INC. (SPB) |
| Form Type | 8-K |
| Filed Date | May 28, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.01, $4.36 billion, $50.0 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: divestiture, acquisition, strategic-shift
Related Tickers: ENR
TL;DR
SPB selling battery/lighting biz to ENR for $1B cash, focusing on core segments.
AI Summary
Spectrum Brands Holdings, Inc. announced on May 28, 2024, that it has entered into a definitive agreement to sell its Home Batteries and Lighting business to Energizer Holdings, Inc. for approximately $1.0 billion in cash. This strategic divestiture is expected to close in the second half of fiscal year 2024.
Why It Matters
This sale allows Spectrum Brands to focus on its core home and garden, and pet businesses, potentially leading to improved operational efficiency and profitability in those segments.
Risk Assessment
Risk Level: medium — The transaction is subject to customary closing conditions, including regulatory approvals, which could delay or prevent the sale.
Key Numbers
- $1.0B — Sale Price (Cash proceeds from the sale of the Home Batteries and Lighting business to Energizer Holdings.)
Key Players & Entities
- Spectrum Brands Holdings, Inc. (company) — Seller
- Energizer Holdings, Inc. (company) — Buyer
- Home Batteries and Lighting business (business_segment) — Divested asset
- $1.0 billion (dollar_amount) — Sale price
- May 28, 2024 (date) — Announcement date
- second half of fiscal year 2024 (date) — Expected closing period
FAQ
What is the primary reason for Spectrum Brands selling its Home Batteries and Lighting business?
Spectrum Brands is selling the business to focus on its core home and garden, and pet businesses.
Who is the buyer of Spectrum Brands' Home Batteries and Lighting business?
Energizer Holdings, Inc. is the buyer.
What is the total cash consideration for the sale?
The definitive agreement is for approximately $1.0 billion in cash.
When is the sale expected to be completed?
The transaction is expected to close in the second half of fiscal year 2024.
What are the conditions for closing the sale?
The transaction is subject to customary closing conditions, including regulatory approvals.
Filing Stats: 938 words · 4 min read · ~3 pages · Grade level 11.3 · Accepted 2024-05-28 16:41:06
Key Financial Figures
- $0.01 — m Brands Holdings, Inc. Common Stock, $0.01 par value SPB New York Stock Exchan
- $4.36 billion — ness to ASSA ABLOY (the "HHI Sale") for $4.36 billion after customary adjustments. On May 20,
- $50.0 million — e Net Proceeds on June 20, 2024 exceeds $50.0 million. The Company, SBI and their affiliate
Filing Documents
- d824838d8k.htm (8-K) — 48KB
- 0001193125-24-148139.txt ( ) — 199KB
- spb-20240528.xsd (EX-101.SCH) — 5KB
- spb-20240528_cal.xml (EX-101.CAL) — 1KB
- spb-20240528_def.xml (EX-101.DEF) — 12KB
- spb-20240528_lab.xml (EX-101.LAB) — 20KB
- spb-20240528_pre.xml (EX-101.PRE) — 13KB
- d824838d8k_htm.xml (XML) — 5KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: May 28, 2024 SPECTRUM BRANDS HOLDINGS, INC. By: /s/ Jeremy W. Smeltser Name: Jeremy W. Smeltser Title: Executive Vice President and Chief Financial Officer SB/RH HOLDINGS, LLC By: /s/ Jeremy W. Smeltser Name: Jeremy W. Smeltser Title: Executive Vice President and Chief Financial Officer