Tool manufacturer Stanley Black & Decker announced it has successfully completed its purchase of the Craftsman brand from Sears Holdings Corp., for a net present value of about $900 million in cash, giving Stanley Black & Decker the right to develop, manufacture and sell Craftsman-branded products outside the Sears Holdings and Sears Hometown & Outlet Stores distribution channels. The transaction originally was announced Jan. 5, 2017.

As previously announced, Stanley Black & Decker has made a $525 million cash payment to Sears Holdings at closing and will make a $250 million payment at the end of year three and annual payments to Sears Holdings of between 2.5% and 3.5% on new Stanley Black & Decker sales of Craftsman products through year 15.