ASSA ABLOY receives clearance from Mexico for the acquisition of HHI
6 June 2023
ASSA ABLOY has received clearance from the Mexican competition authority to acquire Spectrum Brands’ Hardware and Home Improvement division (“HHI”).
Following the clearance from the Mexican competition authority, the HHI acquisition remains subject to customary closing conditions. Closing of the transaction is expected by the end of June 2023.
Background
On September 8, 2021, ASSA ABLOY announced it had signed an agreement to acquire the HHI division of Spectrum Brands (NYSE:SPB) for a purchase price of MUSD 4,300 on a cash and debt free basis. On September 15, 2022, the U.S. Department of Justice (“DOJ”) announced that it will seek to block the proposed acquisition of HHI. On December 1, 2022, ASSA ABLOY announced that it had entered into binding agreements with Fortune Brands for the divestment of Emtek and the Smart Residential business in the U.S. and Canada to fully resolve all the alleged competitive concerns surrounding the proposed acquisition of HHI. On May 6, 2023, ASSA ABLOY announced that it had reached a settlement agreement with the DOJ regarding the HHI acquisition and that it will proceed with the divestment of Emtek and the Smart Residential business in the U.S. and Canada to Fortune Brands.
Source:assaabloy.com