Appliance maker Salton Inc. has ironed out a merger agreement with APN Holding Co. (Applica) to create one of the largest publicly traded manufacturers of its kind. Under terms of the deal, APN Holding’s Applica Inc. will become a wholly owned subsidiary of Salton. In return, the two Harbinger Capital Partners investment funds that own APN will get 92% of Salton’s common stock.
The deal will bring Applica’s Black & Decker and Spacemaker brands under the same umbrella as Salton’s George Foreman, Faberware, and Toastmaster brands.
Financial terms were not disclosed. The deal, which requires shareholder approval, is expected to close by the end of January.