Stanley Black & Decker buying Sears Craftsman...

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Sears Holdings said Thursday it has agreed to sell its iconic, 89-year-old Craftsman brand of tools to Stanley Black & Decker. The Hoffman Estates, Ill.-based retailer announced it will offload Craftsman for $525 million in cash at closing, plus an additional $250 million payment at the end of the third year and variable payments for up to 15 years. Sears (Nasdaq: SHLD) said the net present value of the closing payment plus annual payments is approximately $900 million. The deal gives Connecticut-based…