Assa Abloy Files Formal Response To DOJ's Complaint To Block Acquisition Of HHI Division

(RTTNews) - Assa Abloy Ltd. (ASAZF.PK), a provider of door security solutions, said Sunday that it formally filed its response to the U.S. Department of Justice´s complaint to block the proposed acquisition of the Hardware and Home Improvement division or "HHI" of Spectrum Brands.

On September 8, 2021, ASSA ABLOY said it agreed to acquire the HHI division of Spectrum Brands (SPB) for a purchase price of $4.30 billion on a cash and debt free basis. On September 15, 2022, the DOJ announced that it will seek to block the proposed acquisition of HHI.

ASSA ABLOY said Sunday that it has today filed its formal response to the District Court of Columbia.

ASSA ABLOY noted that, to fully resolve all the alleged competitive concerns surrounding the acquisition of HHI, it has initiated a sales process of Emtek and the Smart Residential business in the U.S. and Canada. Residential businesses outside of the U.S. and Canada are not in scope to be divested.

The company stated that the proposed divestitures are dependent on successful defense against the DOJ regarding the planned acquisition of HHI.