Spectrum Brands Holdings Inc. has successfully completed the sale of its battery and lighting equipment business to Energizer Holdings Inc., once all the necessary conditions and regulations have been fulfilled. The agreement worth $2 billion in cash was completed in early January 2019.
As imposed by such a large transaction, the involved parties received first-class legal assistance in all the relevant jurisdictions. Locally, Spectrum Brands was assisted by Mușat & Asociații team coordinated by Monia Dobrescu (Partner).
"We had the extraordinary opportunity to be part of the team of attorneys who provided legal assistance in this project. Our mandate was extremely complex and sometimes difficult, especially because Romania had a number of particularities to the other countries involved.With a very large number of jurisdictions to be coordinated and in the context of strict deadliness requested by the client, it has been a challenge for us to create solutions to locally implement the business decisions. However, today we have the satisfaction of seeing our work performed in 2018 reflected in a successful transaction." - Monia Dobrescu, Partner.
Spectrum Brands Unit is an American consumer goods company that in 2017 generated income of $866 million and earnings before deducting interest, tax and before including depreciation and amortization (EBITDA) worth $169 million. This transaction will allow the company to focus on the remaining business - hardware, car maintenance and pets and gardening products.
Energizer Holding Inc. is one of the leading global manufacturers of primary batteries and portable lighting products. Through this transaction, Energizer will expand its international business, consolidating its position in EMEA and Latin America.