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MADISON, Wisc. - Rayovac Corp. and Varta AG said today they have signed an agreement to combine Varta's global consumer battery business with Rayovac.
The $262 million transaction, which is expected to close in the fall, does not include Varta's Brazilian joint venture, or its automotive or micro-power battery businesses.
Under the agreement, Madison, Wisc.-based Rayovac would acquire consumer subsidiaries of Varta, based in Hannover, Germany, that are located outside of Germany. In addition, Rayovac would become the majority owner of a new joint venture to conduct consumer battery operations within Germany.
The deal is expected to make Rayovac one of the largest consumer battery companies in the world.