Advance Auto Parts is acquiring Sears' DieHard brand, known for its car batteries, for $200 million in cash, CNBC has learned.
The deal is expected to close Monday.
Under a supply agreement, Sears and Kmart owner Transformco will still have the rights to sell some DieHard items in Sears stores, Advance Chief Executive Officer Tom Greco told CNBC in a phone interview. Advance Auto Parts will also give Transformco an "exclusive royalty-free, perpetual license" to develop and market DieHard products in other nonautomotive categories.
"We have been looking at the [battery] category for a couple of years," Greco said in a phone interview. "DieHard has the highest brand awareness and regard of any automotive battery brand in North America."
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