February 26, 2018 / 2:00 PM / in 8 months

Spectrum Brands to merge with top shareholder HRG in $10 bln deal

Feb 26 (Reuters) - Spectrum Brands Holdings Inc, which makes consumer products such as batteries and pet foods, said on Monday it would merge with its biggest shareholder HRG Group Inc, a holding company, in a deal valued at $10 billion.

Spectrum Brands shareholders will get one newly issued share of the combined company for each Spectrum Brands share they own in a tax-free transaction.

The current Spectrum Brands management team will lead the combined company and HRG's board will be replaced by the Spectrum Brands board. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Savio D'Souza)

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