Spectrum Brands Holdings, Inc. (SPB): M&A transaction — Spectrum Brands closes $4.3B sale of HHI to ASSA ABLOY; net proceeds ~$3.6B

Spectrum Brands Holdings, Inc.

Net proceeds ~$3.6B after taxes/fees; plans to repay $1.6B debt including term loan, revolver, and 5.75% notes due 2025.
Board approved new $1B stock repurchase program; $500M accelerated share repurchase to commence.
Intends to become pure-play Global Pet Care and Home & Garden; will separate Home & Personal Care business in medium term.
Pro forma net loss from continuing ops: $131M for H1 FY2023 and $103M for FY2022.
$600M revolver remains available; expects net cash position by end of fiscal 2023.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Spectrum Brands Holdings, Inc. completed a disposition involving ASSA ABLOY AB for $4.3 billion in cash (closed 2023-06-20).

Action: disposition
Counterparty: ASSA ABLOY AB
Consideration: $4.3 billion in cash
Closing: 2023-06-20

Exact text from the filing

conditions set forth in the Purchase Agreement, ASSA ABLOY AB will acquire from the Company its Hardware and Home Improvement ("HHI") business for an aggregate purchase price of $4.3 billion in cash, subject to customary purchase price adjustments (the "Transaction"). The foregoing description of the Purchase Agreement does not purport to be complete and is qualified

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Spectrum Brands Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0000109177-23-000030

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