Energizer Holdings Inc. is acquiring Spectrum Brands' battery and portable lighting business for $2 billion in cash.
The deal, announced early Tuesday, will add brands such as Rayovac and Varta to Energizer's portfolio.
The announcement comes two weeks after Spectrum Brands said it intended to sell its global batteries and appliance businesses.
Spectrum's batteries division had 2017 revenue of $866 million. Energizer said in a statement that the deal will expand its presence in international markets, broaden its manufacturing capacity and increase research and development capabilities.
