Spectrum Brands Announces Definitive Agreement to Sell Hardware & Home Improvement Segment for $4.3 Billion in Cash

MIDDLETON, Wis.–(BUSINESS WIRE)–Spectrum Brands Holdings, Inc. (NYSE: SPB; “Spectrum Brands” or the “Company”), a leading global branded consumer products and home essentials company focused on driving innovation and providing exceptional customer service, today announced it has entered into a definitive agreement to sell its HHI segment to ASSA ABLOY for $4.3 billion in cash, which represents over 14x HHI’s expected FY21 Adjusted EBITDA.

The transaction will simplify the Spectrum Brands business around three attractive business units, consisting of Global Pet Care, Home & Garden, and Home and Personal Care, and further strengthen the Company’s balance sheet. The remaining

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Assa Abloy buys Spectrum home improvement business for $4.3 bln

The logo for Spectrum Brands Holdings, Inc., is displayed screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 6, 2018. REUTERS/Brendan McDermid

Sept 9 (Reuters) – U.S. lockmaker Spectrum Brands Holdings Inc (SPB.N) has agreed to sell its hardware and home improvement division to Swedish rival Assa Abloy (ASSAb.ST) for $4.3 billion in cash.

Shares in Assa Abloy rose 6.2% in early trade on Thursday, buoyed by the deal and the prospects for expansion beyond its commercial business in North America into the residential market.

Assa, the world’s biggest lockmaker, expects operating earnings

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