Spectrum Brands said earlier this month that it would seek a buyer for the assets so that it could better focus on other businesses including hardware and home improvement, global auto care and global pet supplies.
Adding Rayovac will broaden the product portfolio held by Energizer Holdings, which is based in St. Louis. Spectrum Batteries generated $866 million in revenue in 2017. Spectrum is based in Middleton, Wisconsin.
The deal announced Tuesday is expected to close this year.
In premarket trading Tuesday morning, Energizer shares bolted higher by nearly 12 percent, or $6.13, to $57.75. Spectrum was rose by 1.2 percent, or $4.52, to $121.90.