Assa Abloy and the U.S. Department of Justice have reached a settlement agreement related to Assa Abloy’s acquisition of Spectrum Brands’ Hardware and Home Improvement division or HHI. The settlement will put an end to the trial proceedings of the District Court for the District of Columbia.
In connection with the settlement and pursuant to the Proposed Final Judgment filed with the court, Assa Abloy will proceed with the divestment of Emtek and the Smart Residential business in the U.S. and Canada to Fortune Brands.
Following this settlement, the HHI acquisition remained subject to customary closing conditions, including approval of the Mexican competition authority, which was the only outstanding regulatory condition. However, in a subsequent short statement, Assa Abloy also announced that the company has now received clearance from the Mexican competition authority to acquire Spectrum Brands’ HHI.
The closing of the transaction is expected by the end of June 2023 at the latest.
“The settlement with DOJ is an important milestone towards closing of the HHI acquisition, which will empower us to increase investments in the residential segments, realise the synergies of MUSD 100 and strengthen our product offering for the benefit of consumers,” says Nico Delvaux, President and CEO of Assa Abloy.
