Sweden’s Assa Abloy AB (ASSAb. S.T.), the world’s No. 1 lock producer, and Spectrum Brands Holdings (SPB.N) announced a settlement with the U.S. Justice Department over Assa’s $4.3 billion proposed acquisition of Spectrum’s hardware and home improvement (HHI) business.
Last year, the Justice Department sought to halt Assa Abloy’s proposed acquisition of Spectrum Brands HHI, which produces residential door hardware, claiming it would raise costs.
Spectrum manufactures Baldwin and Kwikset, whereas Assa Abloy makes Yale, August, and EMTEK.
Assa Abloy said that Fortune Brands (FBIN.N) would acquire Emtek and Smart Residential in the U.S. and Canada under the settlement announced on Friday.
Fortune announced its $800 million purchase of Assa Abloy Enterprises.
Assa Abloy sold the companies to Fortune in December to satisfy U.S. antitrust charges.
Spectrum and Assa expect the acquisition to finalize by the end of June.
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