Spectrum Brands  (SPB) - Get Spectrum Brands Holdings, Inc. Report shares jumped Wednesday after the consumer brands company agreed to sell its hardware and home improvement business for $4.3 billion in cash to Sweden's Assa Abloy.

Assa Abloy is an access solutions company.

The transaction will shrink Spectrum Brands around three business units: Global Pet Care, Home & Garden, and Home and Personal Care, which includes Black & Decker.

Middleton, Wis.-based Spectrum on Wednesday traded at $93.77, up 19% at last check, leaving it up 16% for the last six months.

“Our remaining business will be more focused,” said Spectrum Chief Executive David Maura.

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That will “allow us to prioritize innovation to accelerate organic growth and pursue synergistic acquisitions to further drive value creation in Global Pet Care and Home & Garden, while continuing to look for strategic and organic ways to enhance the value of Home and Personal Care.

“After the closing, we will become a more pure play consumer staples company with higher growth rates and strong margins,” Maura said.

Under the deal, Spectrum Brands expects to receive approximately $3.5 billion in net proceeds, subject to final tax calculations and purchase price adjustments. Spectrum Brands expects to use the proceeds to repay debt and reduce its gross leverage ratio to approximately 2.5 times in the near term.

Excess proceeds are expected to be allocated to invest for organic growth, fund complementary acquisitions and return capital to shareholders.

The company expects to maintain its quarterly cash dividend of 42 cents per common share.

Spectrum Brands will report its fourth-quarter 2021 results, ended about Oct. 4, in mid-November.