A PYMNTS Company

Assa Abloy To Divest To Resolve DOJ Antitrust Dispute

By  |  December 4, 2022

Sweden’s Assa Abloy 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 US antitrust issues over its planned acquisition of a Spectrum Brands division.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The US 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.

    Read more: DOJ Sues To Block $4.3B Deal Between Assa Abloy & US Rival

    It said in a statement on Friday it would sell the two businesses to Fortune Brands 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.