Battery maker Varta has bought back Europe-based Varta Consumer Batteries 18 years after selling it to US company Rayovac Corporation (latterly Spectrum Brands) for $262 million.
The German manufacturer completed the buy out of the company for an enterprise value of €180 million ($200 million) from US-based Energizer Holdings subject to a closing balance sheet to be prepared on the closing date.
A company spokesman told BEST the deal was made because of ‘competition advantages’.
Varta Consumer sells lithium, zinc chloride, and alkaline primary batteries for consumer applications.
Energizer bought Varta Consumer from Spectrum’s batteries and portable lighting business in 2018.
The European Commission approved the transaction, initially announced last May, on 3 December, 2019.
In December 2018, the European Commission approved the acquisition of Spectrum Brands’ batteries and portable lighting business by Energizer, subject to conditions.
In particular, Energizer was required to sell its business of Varta-branded and unbranded household and specialty batteries to a suitable purchaser to address concerns the combination of Energizer and Spectrum would significantly reduce competition in a number of European countries.