Armor All, George Foreman grills owner to combine with parent company

The company that makes popular consumer products like George Foreman grills and Armor All car-care products and its majority owner have engineered a deal to merge into one entity.

Middleton, Wis.-based Spectrum Brands Holdings and HRG Group will become one company in a deal valued at $10 billion, untangling a complex structure.

HRG's shares of Spectrum, which total more than 59% ownership, were HRG's primary asset. With the tax-free tie-up, HRG will effectively wind down.

The Spectrum management team and board will continue to lead the company. 

The largest shareholder in HRG, Leucadia National Corp., will own about 13% of the combined entity. HRG's shareholders will hold another 45%.

Follow Paste BN reporter Nathan Bomey on Twitter @NathanBomey.