Energizer acquires Playtex in transaction valued at $1.9 billion

By Lisa Kerner

Charlotte, N.C., Oct. 1 - Energizer Holdings, Inc. completed its $18.30-per-share acquisition of Playtex Products, Inc., according to an Energizer news release.

Playtex shareholders approved the merger on Thursday.

Energizer announced a $1.5 billion term loan agreement on Sept. 14 that will be used to fund the acquisition. The term loan is also being used to fund the tender offer for Playtex's outstanding 8% senior secured notes due 2011 and 9 3/8% senior subordinated notes due 2011.

"In addition to expanding our product portfolio and our presence in the personal care industry, this acquisition brings to us many talented and dedicated colleagues, providing us with the benefits of their knowledge and experience in the skin care, feminine care, and infant care segments," Energizer chief executive officer Ward M. Klein said in the release.

On July 12, Energizer entered into a definitive agreement to acquire Playtex in a deal valued at $1.9 billion, including debt.

Westport, Conn.-based Playtex manufactures and markets products for the skin, feminine and infant care industries.

Energizer, located in St. Louis, manufactures batteries and flashlights and is the parent company of wet shave products manufacturer Schick-Wilkinson Sword.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.