Update on timing of ASSA ABLOY`s acquisition of the Hardware and Home Improvement ("HHI") division of Spectrum Brands
The acquisition of the HHI division from Spectrum Brands by ASSA ABLOY is valued at MUSD 4,300, expected to finalize in 2022 after regulatory approval. Initially planned for Q4 2021, the regulatory process continues to progress. ASSA ABLOY's President and CEO, Nico Delvaux, expressed confidence in the acquisition, highlighting its strategic importance as the company aims to strengthen its position in access solutions.
- Strategic acquisition of HHI enhances ASSA ABLOY's market position.
- Expected synergies from HHI's integration will likely drive revenue growth.
- Regulatory approval delays push the closing of the deal to 2022, creating uncertainty.
The acquisition of HHI is conditional upon regulatory approval and customary closing conditions and is now expected to close during 2022.
STOCKHOLM, Dec. 2, 2021 /PRNewswire/ -- On September 8, 2021, ASSA ABLOY announced it had signed a definitive agreement to acquire the HHI division of Spectrum Brands (NYSE:SPB) for a purchase price of MUSD 4,300 on a cash and debt free basis.
The regulatory process, which was initially communicated to be expected to be finalized during the fourth quarter 2021, is still ongoing and it is now expected that the transaction will close during 2022.
"We believe strongly in the acquisition of HHI and I look forward to welcoming HHI and all of its employees into the ASSA ABLOY Group upon closing of the transaction," says Nico Delvaux, President and CEO of ASSA ABLOY.
For more information, please contact:
Nico Delvaux, President and CEO, tel. no: +46 8 506 485 82
Erik Pieder, CFO and Executive Vice President, tel. no: +46 8 506 485 72
Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68
This is information that ASSA ABLOY AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 23.00 CET on 2 December 2021.
About ASSA ABLOY
The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 48,000 employees and sales of SEK 88 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY's innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world.
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SOURCE ASSA ABLOY
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