RTTNews | Sep 13, 2021 06:54AM EDT

06:54 Monday, September 13, 2021 (RTTNews.com) - Stanley Black & Decker (SWK) announced Monday that it has entered into a definitive agreement to acquire Excel Industries for $375 million in cash.

Excel is a leading designer and manufacturer of premium commercial and residential turf-care equipment under the distinct brands of Hustler Turf Equipment (Hustler) and BigDog Mower Co. (BigDog).

Excel brings a range of premier, commercial grade and prosumer turf-care equipment, an extensive dealer network, a talented team and a loyal customer base.

The acquisition will be modestly accretive to Stanley Black & Decker's earnings per share in year one, and accretive to earnings per share by approximately $0.15 to $0.20 by year three, excluding charges.

The transaction, which has been approved by a majority of Excel's shareholders, is subject to purchase price adjustment provisions and customary closing conditions, including receipt of required regulatory approvals. The transaction will be funded with cash on hand and proceeds from borrowings.

Read the original article on RTTNews ( https://www.rttnews.com/3225088/stanley-black-decker-to-acquire-excel-industries-for-375-million-in-cash-quick-facts.aspx)

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