Assa Abloy Extends Acquisition Timing Of Spectrum Brands' HHI Unit

(RTTNews) - Assa Abloy Ltd. (ASAZF.PK), a provider of door security solutions, Friday said it has agreed to extend the agreement to acquire the Hardware and Home Improvement or HHI division of Spectrum Brands (SPB) to June 30, 2023.

It was in September last year that Assa Abloy announced its agreement to acquire the HHI division for a purchase price of $4.30 billion on a cash and debt free basis.

On December 2, 2021, the company had communicated that the acquisition of HHI is expected to close during 2022. The US regulator continues to review the proposed acquisition, and Assa Abloy said it is working to resolve its potential concerns.

The company now said it can therefore not be ruled out that the closing of the transaction extends into 2023.

The companies said they are confident to obtain all required governmental clearances to complete the transaction.