Spectrum Brands sells HHI segment to ASSA ABLOY for $4.3B cash; expects to delever to ~2.5x

Spectrum Brands Holdings, Inc.

Purchase price of $4.3B represents over 14x expected FY21 Adjusted EBITDA for HHI.
Net proceeds of ~$3.5B will be used to repay debt, invest in growth, fund acquisitions, and return capital.
Remaining business (Global Pet Care, Home & Garden, Home and Personal Care) had LTM net sales of $3.0B and adj. EBITDA of $386M (13.0% margin).
Quarterly dividend of $0.42 per share to be maintained; sale expected to close after regulatory approvals.
HHI results will be reported as discontinued operations starting Q4 FY2021.

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