Jarden (JAH) agreed to buy K2( KTO) for $15.50 a share in cash and stock, or about $800 million.

The deal gives K2 shareholders a 23% premium to Tuesday's closing price of $12.58.

"We are enormously excited about today's announcement as it marks another important step in our planned and disciplined growth strategy as a world-class, diversified, niche-oriented consumer products company," Jarden said. "Adding K2's broad portfolio of leading brands to our portfolio would create cross-selling opportunities both domestically and internationally, would expand our presence in specialty channels, would further diversify our products, revenues and earnings, and would create additional scale to leverage in our supply chain, distribution, manufacturing and sourcing networks."