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NEW YORK (AP) — Consumer products company Spectrum Brands is combining with its biggest shareholder, HRG Group Inc., in a deal valued at $10 billion.

Holding company HRG, based in New York, owns about 59 percent of Spectrum, according to FactSet.

Once the transaction is complete, Spectrum Brands shareholders will receive one newly issued share of the combined company for each share of Spectrum that they owned before the combination. Spectrum, whose brands include Rayovac and George Foreman, will become an independent public company with no controlling shareholder.

The combined company will be called Spectrum Brands Holdings Inc. and trade under the ticker “SPB.” It will remain headquartered in Middleton, Wisconsin.

The deal is expected to close by the second quarter’s end.

HRG’s stock rose more than 5 percent in Monday morning trading, while Spectrum’s shares gained 2 percent.