U.S. branded consumer products manufacturer Spectrum Brands Holdings Inc. announced that it intends to dispose of its auto care business to household batteries, specialty batteries, and lighting products manufacturer Energizer Holdings Inc.
In a deal valued at $1.25 billion, Energizer will pay Spectrum $937.5 million in cash and $312.5 million in stock.
Spectrum's auto care business includes the Armor All, STP and A/C Pro brands. Energizer is also seeking to acquire Spectrum's battery and portable lighting business.
The acquisition is expected to close in the second fiscal quarter of 2019.