Assa Abloy Divestment Increases Chance of HHI Deal -- Market Talk

Dow Jones2022-12-02

1427 GMT - Assa Abloy's deal to sell its Emtek and U.S.-Canada Smart Residential businesses to satisfy U.S. Justice Department competition concerns around its HHI acquisition slightly increases its chance of successfully defending against the DOJ, Citi analysts say in a note. The sale to a trade buyer--Fortune Brands Home & Security--is arguably better than to a private equity buyer, as they know the residential construction market and may be better-placed to develop the asset, Citi says. "However, we would not expect the DOJ to necessarily drop their opposition to the deal on this news alone." The $800 million sale price looks slightly underwhelming, though understandable in the context of Assa being a forced seller, Citi adds. (dominic.chopping@wsj.com)

(END) Dow Jones Newswires

December 02, 2022 09:27 ET (14:27 GMT)

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The sale to a trade buyer--Fortune Brands Home &amp; Security--is arguably better than to a private equity buyer, as they know the residential construction market and may be better-placed to develop the asset, Citi says. \"However, we would not expect the DOJ to necessarily drop their opposition to the deal on this news alone.\" The $800 million sale price looks slightly underwhelming, though understandable in the context of Assa being a forced seller, Citi adds. 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The sale to a trade buyer--Fortune Brands Home &amp; Security--is arguably better than to a private equity buyer, as they know the residential construction market and may be better-placed to develop the asset, Citi says. \"However, we would not expect the DOJ to necessarily drop their opposition to the deal on this news alone.\" The $800 million sale price looks slightly underwhelming, though understandable in the context of Assa being a forced seller, Citi adds. 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