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Energizer To Acquire S.C. Johnson Unit

Battery maker said Monday that it will acquire S.C. Johnson & Son Inc.'s Edge and Skintimate shave preparation business for $275 million.

ST. LOUIS (AP) -- Battery maker Energizer Holdings Inc. said Monday that it will acquire S.C. Johnson & Son Inc.'s Edge and Skintimate shave preparation business for $275 million.

Energizer, which also makes other household and personal care products, said the Edge and Skintimate business will be combined with its Schick-Wilkinson Sword shaving unit in order the strengthen the offering.

Energizer plans to use some of the proceeds from a 9.5 million stock offering to pay for the deal. The company will also offer the underwriters an option to buy up to 1.4 million additional shares to cover any overallotments. Remaining proceeds will be used to repay debt and for other general corporate purposes.

As part of the acquisition agreement, Energizer said it may give S.C. Johnson shares of non-voting redeemable preferred stock, with a liquidation preference of $310 million, and semi-annual dividends toward the purchase price instead of cash.