Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wordpress-seo domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /var/www/html/wp-includes/functions.php on line 6260 ASSA ABLOY Receives Clearance from Mexico for HHI Acquisition - Ink World Magazine

What are you searching for?

Sign in
Flexible Electronics News

ASSA ABLOY Receives Clearance from Mexico for HHI Acquisition

Closing of the transaction is expected by the end of June 2023.

Author Image

By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

ASSA ABLOY has received clearance from the Mexican competition authority to acquire Spectrum Brands’ Hardware and Home Improvement division (HHI).

Following the clearance from the Mexican competition authority, the HHI acquisition remains subject to customary closing conditions. Closing of the transaction is expected by the end of June 2023.

On Sept. 8, 2021, ASSA ABLOY announced it had signed an agreement to acquire the HHI division of Spectrum Brands for a purchase price of $4,300 million on a cash and debt free basis. On Sept. 15, 2022, the U.S. Department of Justice (DOJ) announced that it will seek to block the proposed acquisition of HHI.

On Dec. 1, 2022, ASSA ABLOY announced that it had entered into binding agreements with Fortune Brands for the divestment of Emtek and the Smart Residential business in the U.S. and Canada to fully resolve all the alleged competitive concerns surrounding the proposed acquisition of HHI. On May 6, 2023, ASSA ABLOY announced that it had reached a settlement agreement with the DOJ regarding the HHI acquisition and that it will proceed with the divestment of Emtek and the Smart Residential business in the U.S. and Canada to Fortune Brands.

Add us as a preferred source on Google

Get the latest Ink World magazine news, insights and analysis in your Google Search and AI experiences.

Add Ink World magazine as a preferred source on Google (opens in a new tab)

Keep Up With Our Content. Subscribe To Ink World magazine Newsletters