Assa Abloy confirms sales process for units to resolve U.S. antitrust issues (updated)

Spectrum Brands Holdings

14/10/2022 23:58

(Adds news that Reuters first reported sales process)
    By Svea Herbst-Bayliss
       NEW YORK, Oct 14 (Reuters) - Assa Abloy AB  ASSAb.ST  on
Friday said it was working to sell its Emtek and smart
residential business in the United States to resolve U.S.
antitrust issues that are holding up a planned acquisition.
    The U.S. Justice Department last month filed a lawsuit to
challenge a planned $4.3 billion deal where Assa Abloy would
acquire the Hardware and Home Improvement division from Spectrum
Brands Holdings Inc  SPB.N .
    Reuters reported this month that Assa Abloy was moving ahead
with a strategic process to sell the units so that it could
resolve the regulatory issues and complete the acquisition,
three sources familiar with the matter said.
    The news of the planned sales was confirmed in Assa Abloy's
formal response to the Justice Department's complaint. The
company also said that it and Spectrum Brands are "vigorously
contesting" the DOJ lawsuit.
    "The proposed remedies eliminate all competitive concerns
alleged by the DOJ," Nico Delvaux, President and CEO of Assa
Abloy said in a statement.
 (Reporting by Svea Herbst-Bayliss; Editing by Chris Reese and
Josie Kao)
 ((svea.herbst@thomsonreuters.com; +617 856 4331; Reuters
Messaging: svea.herbst.thomsonreuters.com@reuters.net))