(MET)*(SPY)=(PSASTA), which is a meaningless word.
However the partial products are three 4-letter words, all described in the following story:
I met this spy in the Russian town XXXX, one of the sister cities of Louisville, KY. Since it is an inland city - I was there without BEING AT SEA (=XXXX). We met at the building resembling the XXXX Tower, a stone tower in Dingle,Ireland.
Find the solution determining all unknowns - and prove or disprove its uniqueness.