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Spectrum Brands stock soars toward 3-year high after $4.3 billion deal to sell HHI business

·1 min read
Spectrum Brands stock soars toward 3-year high after $4.3 billion deal to sell HHI business
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Shares of Spectrum Brands Holdings Inc. soared 20.8% toward a three-year high in midday trading Wednesday, after the branded consumer brands company announced an agreement to sell its hardware and home improvement (HHI) business for $4.3 billion in cash to Sweden-based ASSA ABLOY. Spectrum Brands said it expects receive net proceeds of $3.5 billion from the deal, which it plans to use to repay debt. Spectrum said the deal will "simplify" the company around three business units, consisting of Glo