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ASSA ABLOY revises HHI acquisition timeline again

According to a statement from ASSA ABLOY, the closing of the acquisition of Spectrum Brands’ HHI division may be delayed until 2023.

The purchase agreement was first announced in September 2021 with an initial closing expectation of Q4 2021. In December 2021, ASSA ABLOY announced 2022 was a more likely time frame for the deal to close.

On July 15, 2022, that proposed schedule was updated again. “The U.S. regulator continues to review the proposed acquisition of HHI and ASSA ABLOY is working to resolve its potential concerns. It can therefore not be ruled out that the closing of the transaction extends into 2023,” stated the company in a press release.

“ASSA ABLOY and Spectrum Brands have agreed to extend their agreement for ASSA ABLOY to acquire the HHI division of Spectrum Brands to June 30, 2023. ASSA ABLOY and Spectrum Brands both remain fully committed to the transaction and confident that they will obtain all required governmental clearances to complete the transaction.”