Updated from 8:43 a.m. to include deal advisers

Perennial dealmaker Stanley Black & Decker (SWK) - Get Report capitalized on the weak hand of dying Sears (SHLD) and inked one sweet deal for Craftsman, the iconic tool brand.

Stanley Black & Decker said Thursday it will acquire Craftsman from Sears for a total consideration of $900 million. As TheStreetreported last October, Craftsman was rumored to fetch about $2 billion in a sale process that kicked off in May. Stanley Black & Decker will pay Sears $525 million in cash on an undisclosed closing date, $250 million three years after the deal has closed, and annual payments on new Stanley Black & Decker Craftsman sales through year 15. 

Deutsche Bank is acting as the exclusive M&A adviser to Stanley Black & Decker.

Stanley Black & Decker plans to take Craftsman and expand it to other retailers, essentially giving consumers even more reasons to not visit Sears, which was once known for its extensive tools section. 

As for Sears, the deal follows several actions taken so far this year to raise badly needed cash after what was likely after another brutal holiday season. 

This week, Sears entered into a $500 million secured loan facility with CEO Eddie Lampert's hedge fund ESL Investments. Of the total, $321 million was funded under the loan facility, with the remaining $179 million available for withdrawal in the future. In a sign of Sears' beleaguered financial state, the loan bears an interest rate of 8%.

Securing the loan facility are the mortgages of 46 Sears properties. If Sears draws from the remaining $179 million, it will add additional properties as security.

And just a week ago, Sears scored a standby letter of credit facility from affiliates of ESL Investments, allowing it to draw an initial amount of up to $200 million. The hedge fund provided $300 million of debt financing last August after funding $125 million of a $500 million loan in April.

Meanwhile, the company said in a Securities and Exchange Commission filing Wednesday that it had exercised its right to terminate leases on 19 money-losing stores. It was previously reported the company would shutter 30 Sears and Kmart stores in early 2017.

Despite the cash grabs and effort to close underperforming stores, Moody's estimated that Sears will need to raise about $1.5 billion to survive the year. Fitch, on the other hand, predicted in September that Sears will likely file for Chapter 11 bankruptcy within one to two years. At issue are some $2.8 billion in high-yield bonds and institutional term loans that will come due in the next few years.

Doing the math, Sears still has more work to do to raise cash if it wants to make it through the next two years.