Jarden Corporation, the parent company of tackle giant Pure Fishing, has agreed to be acquired by Newell Rubbermaid Inc. for more than $15 billion in cash and stocks, multiple sources report.

The merger will create a $16 billion consumer goods company called Newell Brands that will encompass not only Pure Fishing brands like Penn, Berkley, Abu Garcia and others, but also additional outdoor brands like Coleman and Marmot.

“The combination of these two great companies creates a $16 billion consumer goods company with incredible potential to grow and create value,” said Michael B. Polk, Newell Rubbermaid President and Chief Executive Officer. “The scale of our combined businesses in key categories, channels and geographies creates a much broader canvas on which to leverage our advantaged set of brand development and commercial capabilities for accelerated growth and margin expansion. I have long respected the value creation track record and entrepreneurial vision of Jarden’s founder, Martin E. Franklin, co-founder Ian G.H. Ashken, and their team led by Chief Executive Officer James E. Lillie. I want to congratulate Jim on his strong leadership of Jarden over the last 12 years and his work positioning the business for the opportunity ahead, and I look forward to working with Martin and Ian as we drive the new Newell Brands towards its aspiration of becoming one of the preeminent consumer goods companies in the world.”

Martin E. Franklin, executive chairman and founder of Jarden, said, “I am delighted that we are to play a part in bringing together these two winning companies. The combination offers significant value for our shareholders and the opportunity to participate in the combined company’s long-term value creation potential as shareholders in Newell Brands. I’m extremely proud of Jarden’s success over the past 14 years, which has been driven by an extraordinary culture designed to perform at a high level.

The Wall Street Journal reports that Franklin could make up to $500 million in the deal. Jarden shareholders would receive $21 in cash per share, and 0.862 shares of Newell Rubbermaid.

The acquisition is subject to shareholder approval from both Newell Rubbermaid and Jarden Corp and, according to SourceOneMedia, is expected to close in the second quarter of 2016.

The merger incorporates many household brands outside of the tackle industry such as: Sharpie, Paper Mate, Elmer’s, Rubbermaid, Graco, Mr. Coffee, Rawlings and Yankee Candle.