Fortune Brands Acquires Hardware Businesses From ASSA ABLOY For $800M

Fortune Brands Home & Security Inc FBHS has agreed to acquire the Emtek and Schaub premium and luxury door and cabinet hardware business and the U.S. and Canadian Yale and August residential smart home locks business from ASSA ABLOY AB ASAZF ASAZY.
The purchase price of the acquisition is $800 million, or approximately $700 million net of tax benefits, in cash on a cash-free, debt-free basis.
"Yale and August will bring two great brands and significant engineering expertise into our already powerful security portfolio," said CEO Nicholas Fink.
The acquisition is conditioned on the successful closing of the acquisition by ASSA ABLOY from Spectrum Brands Holdings, Inc. SPB of its Hardware and Home Improvement business following a favorable resolution of the court proceedings with the Department of Justice.
The acquisition is expected to close in the second quarter of 2023.
FBHS held $345.3 million in cash and equivalents as of September 30, 2022.
Price Action: FBHS shares closed higher by 0.34% at $65.56 on Thursday.