Stanley Black & Decker selling security assets to Sweden's Securitas in $3.2 billion deal

Stanley Black & Decker (NYS:SWK) on Wednesday said it has signed a definitive agreement to sell most of its security assets to Sweden's Securitas AB (OME:SE:SECU.B) for $3.2 billion in cash. In a news release, the U.S. maker of industrial tools, household hardware and provider of security products said the proposed deal includes its commercial electronic and healthcare security business units, which carry 2021 forecasted revenues of around $1.7 billion. The sale of the security assets will be used to partly fund a $4 billion share repurchase program by Stanley Black & Decker, due to be completed in 2022. The deal has has been approved by the boards of both companies. Shares of Stanley Black & Decker closed up 0.9% to $186.05 on Tuesday, while stock in the Swedish intelligent security solutions group rose 0.2% to 134.50 krona.