Jarden Agrees To Buy The Waddington Group For $1.35 Bln

Consumer goods company Jarden Corp. said Monday it has agreed to buy disposable tableware maker The Waddington Group for about $1.35 billion from an investment fund managed by private-equity firm Olympus Partners. The deal "provides a meaningful addition to Jarden's portfolio while creating opportunities in cross-selling, broadening the distribution platform particularly in the B2B category, and deepening Jarden's talent bench," Jarden said in a statement. The deal is expected to immediately boost adjusted per-share earnings and to add about $800 million to 2016 revenue. Jarden will finance the deal through a combination of cash, equity and a mix of bank debt and bonds. The deal is expected to close in the third quarter. Jarden shares were not yet active in premarket trade, but have gained 9.3% in the year so far, outperforming the S&P 500, which is up 0.9%.