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

Shares of Spectrum Brands Holdings Inc. SPB, +19.40% soared 20.8% toward a three-year precocious successful midday trading Wednesday, aft the branded user brands institution announced an statement to merchantability its hardware and location betterment (HHI) concern for $4.3 cardinal successful currency to Sweden-based ASSA ABLOY. Spectrum Brands said it expects person nett proceeds of $3.5 cardinal from the deal, which it plans to usage to repay debt. Spectrum said the woody volition "simplify" the institution astir 3 concern units, consisting of Global Pet Care, Home & Garden and Home and Personal Care. "Our remaining concern volition beryllium much focused, allowing america to prioritize innovation to accelerate integrated maturation and prosecute synergistic acquisitions to further thrust worth instauration successful Global Pet Care and Home & Garden, portion continuing to look for strategical and integrated ways to heighten the worth of Home and Personal Care," said Chief Executive David Maura. Spectrum's stock, which was connected way for the highest adjacent since April 2018, has gained 8.2% implicit the past 3 months, portion the S&P 500 SPX, -0.30% has tacked connected 6.7%.