Sweden’s Assa Abloy said on Friday it had agreed to sell its Emtek and Smart Residential businesses in the United States and Canada in a bid to resolve US antitrust issues over its planned acquisition of a Spectrum Brands division.
The US Justice Department (DOJ) in September sued to block Assa Abloy’s $4.3-billion proposed deal to buy Spectrum Brands’ Hardware and Home Improvement (HHI) division, which makes residential door hardware.
Assa Abloy, the world’s biggest lockmaker, in October said it was working to sell its Emtek and Smart Residential operations in the United States to resolve the antitrust issues which are holding up the acquisition.
It said in a statement on Friday it would sell the two businesses to Fortune Brands for $800 million and it expected both the acquisition of HHI and the sale of the two businesses to close in the second quarter of 2023.
“The divestiture is dependent on the successful defense against the DOJ regarding the planned acquisition of HHI,” it added.