Newell Brands acquisition of Jarden Corporation, owner of Mr. Coffee and Jostens class rings, was approved Friday when shareholders of both mega companies agreed to the deal.
Metro Atlanta-based Newell Brands — formerly known as Newell Rubbermaid — said the agreement will create a $16 billion global consumer goods company whose portfolio will include Sharpie, Coleman, Elmers, Sunbeam and Rubbermaid.
The two companies announced the acquisition back in December for per share consideration equal to $21 in cash and 0.862 of a share in Newell Brands stock.
“The combination of our two great organizations creates a powerhouse consumer goods company and sets up a very exciting long-term growth and value creation story,” Newell CEO Michael Polk said in a release. “I am honored to have the opportunity to lead Newell Brands and the development of our business. We expect Newell Brands to unlock far greater upside than either company could have on their own.