Assa Abloy 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.
The company originally signed the agreement to acquire the division in September of 2021, but the U.S. Department of Justice blocked the proposed acquisition. Assa Abloy entered into binding agreements with Fortune Brands to divest of Emtek and Smart Residential business in the U.S. and Canada to resolve the alleged competitive concern surrounding the proposed acquisition of HHI, say company officials.
