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The Baywatch star divorced Bach in August 2006 after 16 years together.
The pair have spent several months negotiating their divorce settlement, but according to attorney Melvin Goldsman, they have now reached an agreement.
In a statement, Hasselhoff said: "I’m pleased that everything has been resolved and I’m proud of my kids, who remain strong and have exhibited dignity during this very difficult time.
"We are all moving on."
Legal representatives for Bach have yet to comment on yesterday's agreement.
