Energizer to buy maker of Wet Ones
Energizer Holdings, the battery maker, agreed to buy Playtex.
By Agencies |
SAN FRANCISCO: Energizer Holdings, the battery maker, agreed to buy Playtex Products for $1.2 billion to reduce distribution costs and add Banana Boat sunscreen and Wet Ones hand wipes. Playtex holders will get $18.30 a share, Energizer said Thursday. That's 18% more than Playtex's last close. Including debt, the transaction is worth $1.9 billion.
The deal is a win for Harbinger Capital Partners, Playtex's largest investor with a 20% stake. The firm urged Playtex to seek a sale of some of its units or the company as a whole and criticised CEO Neil DeFeo's plans to boost profit through acquisitions.
Energizer will finance the acquisition with cash and loans, both existing and new ones.
The deal is a win for Harbinger Capital Partners, Playtex's largest investor with a 20% stake. The firm urged Playtex to seek a sale of some of its units or the company as a whole and criticised CEO Neil DeFeo's plans to boost profit through acquisitions.
Energizer will finance the acquisition with cash and loans, both existing and new ones.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
