Boise, Idaho (CaymanMama.com) — Joining two giant toolmaking companies into one mammoth brand, Stanley Works has agreed to acquire Black & Decker Corp. for a price tag of $4.5 billion, the two companies announced Monday.

According to the Associated Press, “Stanley shareholders will own about 50.5 percent of the combined company, which will be named named Stanley Black & Decker. Black & Decker shareholders will own an approximate 49.5 percent stake.”

Stanley Chairman John F. Lundgren will act as president and CEO of the combined corporation following the completion of the all-stock deal.

The Board of Directors for each entity gave their approval for the merger, which will still receive regulatory and shareholder sanction.

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