STOCKHOLM, Sept. 15, 2022 /PRNewswire/ -- The U.S. Department of Justice ("DOJ") has announced that it will seek to block ASSA ABLOY ́s proposed acquisition of the HHI division of Spectrum Brands. ASSA ABLOY and Spectrum Brands strongly disagree with the Department of Justice's characterization of the proposed transaction, and will vigorously contest in court this effort by the DOJ to oppose the transaction.
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.
"We believe strongly in the acquisition of HHI as we together will increase investments in the residential segments and strengthen our combined product offering for the benefit of consumers," says Nico Delvaux, President and CEO of ASSA ABLOY.
This transaction will bring together ASSA ABLOY's strength in access solutions and HHI's complementary deep talent and experience base in residential products, which will be enhanced by ASSA ABLOY's culture of driving technology and innovation. ASSA ABLOY and Spectrum Brands are convinced that the transaction will accelerate innovation and deliver significant benefits to consumers, and refute any suggestion that the proposed transaction would harm competition.
ASSA ABLOY and Spectrum Brands remain confident in the merits of this transaction and will jointly defend it. ASSA ABLOY and Spectrum Brands are committed to completing the transaction and are confident that they will prevail in litigation.
As previously disclosed, ASSA ABLOY and Spectrum Brands have agreed to extend their agreement for ASSA ABLOY to acquire HHI to June 30, 2023.