Spectrum nears deal for Stanley Black & Decker unit-sources
NEW YORK, Sept 21 |
NEW YORK, Sept 21 (Reuters) - Spectrum Brands Holdings Inc is final discussions to buy a Stanley Black & Decker Inc unit that makes door locks and bath fixtures, according to several people familiar with the matter.
Private equity firm Apollo Global Management LLC, which was also competing to buy the unit, is no longer in discussions about a deal, the sources said.
Stanley Black & Decker put its hardware and home-improvement business on the auction block this year in a deal that could fetch $1.5 billion, people familiar with the matter told Reuters previously.
Representatives for Spectrum Brands, which makes Rayovac batteries and sells home appliances under the George Foreman brand, and Stanley Black & Decker were not immediately available for comment on Friday. Apollo declined to comment.
The sources asked not to be identified because the auction process is not public.
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