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Jarden shareholders will receive $21 in cash and 0.862 Newell shares for each share held, the companies said on Monday.
This implies an offer of $60 per share, a 14 percent premium to Jarden's closing price on Friday.
Jarden's shares rose less than 1 percent to $53 in early afternoon trading on Monday, while Newell's shares fell 11 percent to $40.32, on a day when all major indexes were slightly positive.
The deal also gives Newell ownership of brands such as Yankee Candle, as well as yearbooks and class rings maker Jostens Inc, which Jarden bought for $1.5 billion in October.
Jarden founder Martin Franklin has built the company through acquisitions, making it one of the largest diversified consumer products makers in the United States, selling everything from firewood to condoms.
"We've been doing this for fifteen years, we could have done it for another fifteen years, but the reality is, the fit's really good," Franklin told CNBC on Monday. "If we had the multiple and we had the market cap, we'd be the buyer. That's the way we operate — we want to drive value."
Newell Rubbermaid said it expects the deal to expand its presence in food and beverage, baby products and kitchen appliances among key retailers and geographies.
The combined company, Newell Brands, will be led by Newell Rubbermaid's Chief Executive Michael Polk. Martin Franklin will join the board.
"Both companies are performing very, very well, so we come to this combination from a position of strength," Polk told CNBC's "Squawk on the Street." "This is the right time to do this deal — if you get into the strategic rationale, it's very clear and very compelling."
Polk pointed to combinations between the two companies like Rubbermaid food storage and FoodSaver preservation systems as potential synergies of the deal.
Newell Rubbermaid was in talks to combine with Jarden, Reuters had reported earlier this month, citing one person familiar with the matter.
Newell Rubbermaid shareholders will own about 55 percent of Newell Brands after the transaction is complete, which is expected in the second quarter of 2016.
"In a family business ownership, you've got to have some diversification," Franklin told CNBC. "That's my intent."
Newell Brands will realize cost savings of $500 million over the next four years, the companies said.
"There are differences in the portfolios, and the business models in some places, but there are also opportunities connected to those differences," Polk said. "So with a business like Jostens, we have beautiful fine-writing business with brands like Parker and Waterman that would be perfect graduation gifts through a Jostens business model. So there's cross-sell opportunities you don't intuitively think about until you start to unpack this."
The deal value has been calculated based on 220.35 million Jarden shares outstanding as of Oct. 30. Both Polk and Franklin told CNBC the deal will de-lever quickly.
Goldman Sachs was the lead financial adviser to Newell Rubbermaid, while Centerview Partners advised the company's board.
Barclays was the lead financial adviser to Jarden, while and UBS Investment Bank also advised the company.
Jones Day and Simpson Thacher & Bartlett provided legal counsel to Newell Rubbermaid, while Greenberg Traurig and Kane Kessler were legal advisers to Jarden.
— CNBC staff contributed to this report.