Battery maker Energizer Holdings Inc. said Jan. 2 that it has completed the sale of its Varta consumer battery business in Europe, the Middle East, and Africa to Germany's Varta AG.
Missouri-based Energizer will receive an aggregate purchase price of €180 million from the deal.
The divestiture is part of the European Commission's clearance conditions for Energizer's acquisition of Spectrum Brands Holdings Inc.'s battery and lighting unit for $2 billion in cash.
Energizer added that it is also set to receive an additional contribution Spectrum in connection with the divestiture.
The sale to Varta and Energizer's deal with Spectrum are expected to result in about $300 million in proceeds to Energizer. The company intends to use the amount to pay down term loan debt.