Linklaters Acts on $ 4.3 Billion Deal

Swedish lock maker ASSA ABLOY consulted Linklaters on its $ 4.3 billion acquisition …

Swedish lock maker ASSA ABLOY followed Linklaters’ advice in its $ 4.3 billion acquisition of the hardware business of Spectrum Brands.

Spectrum Brands’ hardware and home improvement business provides home security, plumbing and hardware products in North America, including faucets, locks and construction hardware.

Based in Lake Forest, California, Hardware and Home Improvement employs approximately 7,500 people worldwide, with manufacturing sites in the United States, Mexico, Taiwan, China and the Philippines.

The all-cash transaction will allow ASSA ABLOY to expand its residential business in North America and is expected to close in the fourth quarter of this year.

“HHI is a great addition to the ASSA ABLOY group and is an important strategic step in the development of our residential business in North America,” ASSA ABLOY President and CEO Nico Delvaux said in a statement.

Delvaux added: “This acquisition advances our strategy of strengthening our position by adding complementary products to the core business and will further accelerate the transformation of mechanical solutions into digital solutions. “

Lucas Boselli, Executive Vice President of ASSA ABLOY and Head of the Americas Department, noted: “The acquisition of HHI brings strong, well-known brands and innovative, high-quality products to ASSA ABLOY’s residential portfolio in North America. Nord, completing our business with a passionate and experienced team.

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

Also recently, the financial automation and payments company Serrala received an investment from the software investor Hg, while a subsidiary of the telecommunications company Comcast agreed to buy the networking company Masergy from Masergy and the private equity firm Berkshire Partners.

Eversheds Sutherland represented insurance company Phoenix Group in its US $ 300 million acquisition of an equity mortgage portfolio from pension specialist Just Retirement, also this month .

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