PDF Rss Feed Print

Spectrum Brands to Acquire Stanley
Black & Decker’s Hardware & Home Improvement Group for $1.4 Billion in Cash

As widely reported in Bloomberg, The Deal, The New York Times and The Washington Post, Paul, Weiss client Spectrum Brands, Inc. signed a definitive agreement to acquire the Hardware & Home Improvement Group (HHI) of Stanley Black & Decker, Inc. for $1.4 billion in cash. HHI is a manufacturer of residential locksets, residential builders' hardware and faucets for residential applications with such renowned brands as Kwikset, Weiser, Baldwin, National Hardware, Stanley, FANAL, Pfister and EZSET. The acquisition of HHI also includes certain assets of Tong Lung Metal Industry Co. Ltd. (Tong Lung), a Taiwanese manufacturer of residential and commercial locksets with facilities in Taiwan and the Philippines.

The transaction is expected to be financed with a portion of the proceeds of a $800 million term loan facility and the issuance and sale of $1.04 million unsecured Senior Notes. The transaction is expected to close in two stages. The financing and the acquisition of HHI are expected to close during the last quarter of 2012. The acquisition of the Tong Lung assets is expected to occur during the first quarter of 2013.

The Paul, Weiss team advising Spectrum included corporate partners Jeanette Chan, Paul Ginsberg, Eric Goodison, Jeffrey Marell and Raphael Russo, counsel Bruce Gruder, Didier Malaquin and Corinna Yu; employee benefits partner Lawrence Witdorchic and counsel Reuven Falik; environmental counsel William O'Brien; intellectual property partner Charles Googe and counsel Claudine Meredith-Goujon; litigation partners Mark Mendelsohn and Aidan Synnott and counsel Bruce Searby; real estate partner Peter Fisch; and tax partner Richard Bronstein.

Posted on Oct 09, 2012 
+Add to Binder
Paul, Weiss, Rifkind, Wharton & Garrison LLP