Assa Abloy plans divestment to resolve U.S. antitrust dispute
02/12/2022 07:30
STOCKHOLM, Dec 2 (Reuters) - Sweden's Assa Abloy
ASSAb.ST said on Friday it had agreed to sell its Emtek and
Smart Residential businesses in the United States and Canada in
a bid to resolve U.S. antitrust issues over its planned
acquisition of a Spectrum Brands SPB.N division.
The U.S. Justice Department (DOJ) in September sued to block
Assa Abloy's $4.3-billion proposed deal to buy Spectrum Brands'
Hardware and Home Improvement (HHI) division, which makes
residential door hardware.
Assa Abloy, the world's biggest lockmaker, in October said
it was working to sell its Emtek and Smart Residential
operations in the United States to resolve the antitrust issues
which are holding up the acquisition.
It said in a statement on Friday it would sell the two
businesses to Fortune Brands FBHS.N for $800 million and it
expected both the acquisition of HHI and the sale of the two
businesses to close in the second quarter of 2023.
"The divestiture is dependent on the successful defense
against the DOJ regarding the planned acquisition of HHI," it
added.
(Reporting by Anna Ringstrom, editing by Terje Solsvik)
((anna.ringstrom@thomsonreuters.com; +46 8 502 423 74; Reuters
Messaging: anna.ringstrom.thomsonreuters.com@reuters.net))