Spectrum Brands completes merger with majority owner HRG Group
Spectrum Brands Holdings and HRG Group completed their merger on Friday after shareholders of both companies approved the arrangement in special meetings earlier Friday.
Spectrum Brands is the successor company and its shares will continue to trade on the New York Stock Exchange under the symbol SPB.
Headquarters for the consumer products company will stay in Middleton and current Spectrum Brands management will lead the company. Spokesman Dave Prichard said the merger will have no impact on Spectrum Brands operations, brands or jobs in Wisconsin.
The combined business will have a bigger shareholder base and will give HRG stockholders “unlocked value,” the company said in a news release.
When the deal was announced on Feb. 26, it was valued at $10 billion. As of Friday, the transaction was worth around $9 billion because of a decline in Spectrum’s stock price. The stock closed Friday at $82.95 a share, down from $104.03, the closing price on Feb. 26.
HRG, a publicly traded New York holding company, had been majority owner of Spectrum Brands, with 62 percent of the shares.
David Maura, a managing director and executive vice president of HRG, became executive chairman of Spectrum Brands in 2016 and added the title of CEO in April.
Spectrum Brands still plans to sell its Rayovac battery division — which got its start in Madison as the French Battery Co. in 1906 — to competitor Energizer for $2 billion later this year, if regulators approve.