Prior: On September 8, 2021, ASSA ABLOY (OTCPK:ASAZF) had signed an agreement to acquire the HHI division of Spectrum Brands for a purchase price of $4,300M on a cash and debt free basis. On September 15, 2022, the U.S. Department of Justice announced that it will seek to block the proposed acquisition of HHI.
These businesses represented sales of about $350M in 2021.The selling price for the divested business is $800M on a cash and debt free basis.
“This Acquisition is perfectly aligned to our strategy as a brand, innovation and channel leader. Yale and August will bring two great brands and significant engineering expertise into our already powerful security portfolio. Emtek and Schaub allow us to enter a branded, growing and highly profitable category in a leadership position, where we can accelerate innovation and leverage our channel and consumer insights to create significant value over time. This transaction is consistent with Fortune Brands’ disciplined approach to value-creating acquisitions.” said Fortune Brands CEO Nicholas Fink.