Spectrum Brands Holdings Inc. has successfully completed the sale of its battery and lighting equipment business to Energizer Holdings Inc., once all the necessary conditions and regulations have been fulfilled. The agreement worth $2 billion in cash was completed in early January 2019.
As imposed by such a large transaction, the involved parties received first-class legal assistance in all the relevant jurisdictions. Locally, Spectrum Brands was assisted by Mușat & Asociații team coordinated by Monia Dobrescu (Partner).
“We had the extraordinary opportunity to be part of the team of attorneys who provided legal assistance in this project. Our mandate was extremely complex and sometimes difficult, especially because Romania had a number of particularities to the other countries involved. With a very large number of jurisdictions to be coordinated and in the context of strict deadliness requested by the client, it has been a challenge for us to create solutions to locally implement the business decisions. However, today we have the satisfaction of seeing our work performed in 2018 reflected in a successful transaction.” – Monia Dobrescu, Partner
Spectrum Brands Unit is an American consumer goods company that in 2017 generated income of $866 million and earnings before deducting interest, tax and before including depreciation and amortization (EBITDA) worth $169 million. This transaction will allow the company to focus on the remaining business – hardware, car maintenance and pets and gardening products.
Energizer Holding Inc. is one of the leading global manufacturers of primary batteries and portable lighting products. Through this transaction, Energizer will expand its international business, consolidating its position in EMEA and Latin America.
About MUŞAT & ASOCIAŢII
MUŞAT & ASOCIAŢII (www.musat.ro) is one of the first law firms established in Romania, immediately after the fall of the communist regime in December 1989. Currently, with 18 partners and over 100 attorneys and advisors, MUŞAT & ASOCIAŢII provides consulting services in all business law areas, including Mergers & Acquisitions, Privatization, Banking, Energy & Natural Resources, Competition, Corporate, Telecommunications & IT, Labour, Tax, Capital Markets, Real Estate, Environmental Law, Litigation & Commercial Arbitration and Criminal Law.
On a regular basis, MUŞAT & ASOCIAŢII provides the most renowned and valued corporations in Romania and abroad, including a third of Top 100 and a half of Top 500 largest companies in Romania, as well as public and financial institutions with legal assistance on intricate corporate and financial transactions and complex dispute resolution procedures. The law firm’s portfolio includes over 2.500 clients, most of which are foreign investors.
Recognized as one of the pillars of Romania’s business law practice, MUŞAT & ASOCIAŢII is constantly recommended by international specialized publications (Chambers & Partners, International Financial Law Review, Legal 500 etc.) as a leading law firm in Romania. Besides, many of its attorneys have been nominated by such publications among the elite of business law in Romania.
In 2018, MUŞAT & ASOCIAŢII won the award for the largest M&A Pharma transaction in Romania, for assistance granted to Dr. Max in the acquisition of A&D Pharma group, as well as other awards granted for the areas of practice: Mergers and Acquisitions/Privatization, Infrastructure and PPP/Public Procurement and Criminal Law.
In 2016, MUŞAT & ASOCIAŢII received the award for the largest transaction in the energy field, for assistance granted to Sterling Resources in the process of sale of operations in Romania to Carlyle International Energy Partners, as well as the award for the largest HORECA transaction for assisting Premier Capital in purchasing McDonald’s in Romania (awards granted by Ziarul Financiar, during the Attorney Gala).
In 2015, MUŞAT & ASOCIAŢII won the “Law Firm of the Year in Romania” award, a distinction handed out annually by the reputed British publisher “The Lawyer”, and in 2013, MUŞAT & ASOCIAŢII was appointed “Law Firm of the Year in Romania” by International Financial Law Review (IFLR), and this was the second time when the firm was granted this prestigious award, after the distinction received in 2011 (when Romania was included for the first time on the list of countries nominated for the International Financial Law Review (IFLR) awards).
Moreover, in 2012 MUŞAT & ASOCIAŢII won the Gold Award for the “Best Law Firm in Central and Eastern Europe”, an accolade awarded by the 2012 International Legal Alliance Summit & Awards, and in 2011, the renowned publication Chambers Europe awarded the “Romanian Law Firm of the Year” trophy to MUŞAT & ASOCIAŢII, the law firm with the best performance in Romania, during the “Chambers Europe Awards for Excellence 2011” gala.