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Harbinger Capital to Transfer Majority Interest in Spectrum Brands to HGI
Paul, Weiss client Harbinger Capital Partners LLC (Harbinger) today announced a definitive agreement for the transfer of Harbinger's majority interest in global consumer products company Spectrum Brands Holdings, Inc. to Harbinger Group, Inc. (HGI), a publicly traded holding company majority-owned by Harbinger. Following the transfer of majority ownership from Harbinger to HGI, Spectrum Brands will remain a stand-alone publicly traded company, and the transaction will have no impact on its credit profile or financial position.
Upon closing of the transaction, which is expected to occur in the fourth quarter of 2010, HGI anticipates it will hold 54.4% of the outstanding Spectrum Brands common stock, Harbinger will continue to hold 12.7% of the outstanding Spectrum Brands common stock and Harbinger will hold approximately 93.3% of the outstanding HGI common stock.
The Paul, Weiss team advising Harbinger included corporate partners Eric Goodison, Jeff Marell, Ray Russo and Mark Underberg, counsel Didier Malaquin, and associates Courtney Haraguchi, Seth Horwitz, Amit Khanna, Sarah Mudho and Ehsan Zargar; tax partner Rick Bronstein, and associates Colin Kelly and Mashiho Yuasa; environmental counsel Bill O'Brien; and employee benefits associate Reuven Falik.