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Spectrum nears deal for Stanley Black & Decker unit: sources
NEW YORK |
NEW YORK (Reuters) - Spectrum Brands Holdings Inc (SPB.N), the maker of Rayovac batteries and other consumer products, is in final discussions to buy a Stanley Black & Decker Inc (SWK.N) unit that makes door locks and bath fixtures, according to several people familiar with the matter.
Private equity firm Apollo Global Management LLC (APO.N), which was also competing to buy the business, is no longer in discussions about a deal, the people said.
Shares of Stanley Black & Decker were up 0.5 percent to $76.86 in early trading on the New York Stock Exchange. Spectrum Brands rose 1.2 percent to $41.98.
Stanley Black & Decker put its hardware and home-improvement business on the auction block this year in a deal that could fetch around $1.5 billion, people familiar with the matter told Reuters previously.
A deal would be a big bite for Spectrum Brands, which has a market value of just over $2.1 billion. The Madison, Wisconsin-based consumer products company also sells small home appliances under the George Foreman and Black & Decker brands.
The negotiations are continuing and there is no guarantee that a deal will be reached, the people familiar with the matter said, asking not to be named because the matter is not public.
Representatives for Spectrum Brands and Stanley Black & Decker were not immediately available for comment on Friday. Apollo declined to comment.
Consumer products company Jarden Corp (JAH.N) also considered a deal at one point during the sale process but is no longer involved, according to people familiar with the matter. Jarden did not immediately respond to requests for comment.
Based in New Britain, Connecticut, Stanley Black & Decker makes hardware, hand and power tools and industrial equipment. The unit up for sale makes a range of home accessories under brands such as Baldwin, Weiser Lock, Kwikset and Price Pfister.
The roughly $13 billion home equipment company was created in 2010 through a $4.5 billion all-stock merger that combined Stanley's black-and-yellow hand tools with Black & Decker's power tools and door knobs.
The business is among several assets that diversified conglomerates have sold this year to streamline operations and focus on higher-growth areas.
In July, United Technologies Corp (UTX.N) struck a $3.46 billion deal to sell its Hamilton Sundstrand industrial businesses to private equity firms Carlyle Group LP (CG.O) and BC Partners. Last month, DuPont Co (DD.N) agreed to sell its car paint unit to Carlyle for $4.9 billion.
(Reporting by Soyoung Kim and Greg Roumeliotis in New York; Editing by John Wallace and Bernadette Baum)
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