However, lithium-ion (Li-ion) rechargeable batteries offer certain advantages in some cases, so we also tested them for people who need the extra voltage they provide (1.5 V compared with 1.2 V). NiMH chemical composition: Nickel metal hydride (NiMH) batteries are the gold standard in AA and AAA rechargeables to date, so we focused primarily on this variety.As required by our testing criteria, all four of our Li-ion picks are low self-discharge batteries, and they’re rated to last at least 1,000 charge/discharge cycles. Although they have nominally different capacity ratings and charge differently-the black EBL batteries charge via a Micro-USB port on the sides of their barrels, and the red ones can be charged normally in any charger that’s compatible with Li-ion batteries-they fared about the same in our testing. Similar to their NiMH brethren, multiple Li-ion AA and AAA batteries tied for first in our testing: EBL’s black- and red-labeled AA batteries, as well as its black and red AAAs. If you own such a device (and if you’re unsure, it’s most likely listed on the bottom of the device or in the manual), you can use a rechargeable Li-ion battery instead of a disposable lithium or alkaline, since all three operate at a constant 1.5 volts. The acquisition is expected to close prior to the end of calendar 2018.Some electric toothbrushes, digital cameras, and more require a slightly higher voltage than the 1.2 volts that NiMH batteries can provide. The transaction is subject to customary closing conditions, including regulatory approvals. In addition, Energizer intends to maintain its existing senior notes, maturing in 2025. "In addition, the top-line and free cash flow growth from this acquisition, combined with the opportunity to realize meaningful synergies, will further enhance our ability to drive long-term shareholder value," concluded Hoskins.Įnergizer intends to fund the acquisition through a combination of existing cash and committed debt facilities, expected to consist of a new term loan and senior notes. "We have great respect for Spectrum Batteries and the strong business its colleagues have built, and are excited to bring together the talented colleagues from around the globe from both organizations to drive our business to new heights. "The combination will enable us to leverage Spectrum Brands' manufacturing assets, significantly expand our international business and enhance our long-term brand building capabilities as we broaden our portfolio with the Varta and Rayovac brands and our geographies with Spectrum Batteries' passionate global colleagues. Hoskins, Chief Executive Officer of Energizer. "The acquisition of Spectrum Batteries represents a compelling strategic, operational, and financial fit for Energizer," said Alan R. The transaction is expected to deliver modest accretion to Energizer's adjusted earnings per share and free cash flow in the first year, excluding one-time transaction and integration costs, and will achieve additional favorable accretive impacts following our realization of targeted synergies. The acquisition price represents a transaction multiple of 7.5 times Fiscal 2017 EBITDA, net of tax benefits with a net present value of approximately $100 million and including estimated run-rate synergies of $80 to $100 million and the costs to achieve. Spectrum Batteries generated 2017 revenue and EBITDA of $866 million and $169 million, respectively. This will enable consumers to benefit from accelerated innovation and a wider range of products, and provide the opportunity to drive cost efficiencies to enhance the Company's ability to compete in the category. The combination will expand Energizer's presence in a number of international markets, broaden Energizer's product portfolio and manufacturing capabilities, and increase capacity for research and development. Anchored by the Varta® and Rayovac® brands, the portfolio has a longstanding history, global footprint and diversified range of products including alkaline, carbon zinc, hearing aid and nickel metal hydride rechargeable batteries as well as battery chargers and portable lighting products. today announced that it has entered into a definitive agreement to acquire Spectrum Brands' Global Battery and Portable Lighting Business (Spectrum Batteries) for $2.0 billion in cash.
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