Linklaters advises ASSA ABLOY on US$4.3bn acquisition of Spectrum Brands hardware unit

Linklaters has advised ASSA ABLOY as primary deal counsel in its definitive agreement to acquire the Hardware and Home Improvement (HHI) division of Spectrum Brands for US$4.3bn in cash.

Spectrum Brands’ HHI division is headquartered in Lake Forest, California and is a leading provider of security, plumbing, and builders’ hardware products in North America with a diversified product offering of locksets, faucets, and builders´ hardware.

The acquisition will help develop ASSA ABLOY’s residential business in North America. ASSA ABLOY is an access solutions company headquartered in Sweden.

The Linklaters team was led by partner Peter Cohen-Millstein, counsel Megan Ridley-Kaye and associate Jake Shaner in New York, alongside partner Fredrik Lindqvist in Stockholm.

The transaction will be fully funded by existing cash and new debt and is expected to close during the fourth quarter of 2021.