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Energizer to sell consumer battery business

Energizer Holdings Inc. on May 29 said it agreed to sell its European consumer battery business Varta for $401 million.

Varta AG will acquire the business, including all manufacturing and distribution facilities.

The deal is part of the European Commission's clearance conditions for Energizer's $2 billion all-cash acquisition of Spectrum Brands Holdings Inc.'s battery and lighting business.

Spectrum will be contributing an additional $200 million to Energizer in connection with the divestiture of the Varta Business.