Assa Abloy, DOJ Reach Divestiture Settlement in Mid-Trial Deal

The Justice Department agreed to drop its lawsuit to block Assa Abloy AB‘s acquisition of a unit of Spectrum Brands Holdings Inc. mid-trial in exchange for the divestiture of some assets to Fortune Brands Innovations Inc.

Justice sued to block the deal in September 2022, arguing that the acquisition would concentrate the markets for residential door hardware and smart locks. The parties were in the middle of a trial in the US District Court for the District of Columbia when they reached the settlement, which is subject to court approval.

Assa Abloy will divest its EMTEK and Schaub premium ...