Cleary Gottlieb represented Stanley Black & Decker, Inc. in the sale of the majority of its Mechanical Security businesses to dormakaba for $725 million in cash.
The sale includes the commercial hardware brands of BEST Access, phi Precision and GMT. The remaining part of the Mechanical Security businesses, Sargent and Greenleaf, was not included in the sale. The transaction signed on December 20, 2016, and closed on February 22, 2017.
Stanley Black & Decker, an S&P 500 company, is a diversified global provider of hand tools, power tools and related accessories, mechanical access solutions and electronic security solutions, healthcare solutions, engineered fastening systems and more.
Stanley Black & Decker also announced that it intends to retain for the long term its commercial electronic security and automatic doors businesses.