Spectrum Brands, Apollo eye Stanley Black & Decker unit-sources
NEW YORK, Sept 13
NEW YORK, Sept 13 (Reuters) - Spectrum Brands Holdings Inc and Apollo Global Management LLC are bidding for a Stanley Black & Decker Inc unit that makes door locks and bath fixtures, according to three people familiar with the matter, in a deal that could be worth around $1.5 billion.
The two bidders, which are among a handful of parties that submitted final bids earlier in September, appear to be the frontrunners to buy Stanley Black & Decker's hardware and home-improvement business, the people said.
Stanley Black & Decker, which has hired Goldman Sachs Group to shop the business, has yet to decide which party to sell the business to, the people said, adding that a deal could come in the next few weeks. The unit makes a range of home accessories under brands such as Baldwin, Weiser Lock, Kwikset and Price Pfister.
A deal would be a big bite for Spectrum Brands, which has a market value of just over $2 billion. The Madison, Wisconsin-based consumer products company makes Rayovac batteries and sells small home appliances under the George Foreman and Black & Decker brands.
Representatives for Stanley Black & Decker, Spectrum Brands and Goldman Sachs did not immediately respond to requests for comment. Apollo declined to comment. (Reporting by Soyoung Kim, Michael Erman and Greg Roumeliotis in New York; Editing by Gary Hill)
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