ASSA ABLOY Spectrum Division Acquisition Delayed

ASSA ABLOY’s $4.3 billion acquisition of the Hardware and Home Improvement (HHI) division of Spectrum Brands has been delayed.

The acquisition, announced in September 2021, would bring prominent security brands Kwikset and Baldwin Hardware under the ASSA ABLOY umbrella. The acquisition originally was expected to close by the end of 2021. However, because U.S. regulators continue to scrutinize the deal, ASSA ABLOY reports that the acquisition might not close until 2023.

ASSA ABLOY and Spectrum Brands say in a press release that they extended their acquisition agreement to June 30, 2023, and are “confident that they will obtain all required governmental clearances to complete the transaction.”