Shares of Spectrum Brands Holdings (NYSE: SPB) were on an upswing in pre-market trading at the time of publishing on Monday after the global branded consumer products and home essentials company announced that it has reached a settlement with the U.S. Department of Justice (DoJ) regarding the DOJ’s challenge of Assa Abloy’s acquisition of SPB’s Hardware and Home Improvement segment (HHI).
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In 2021, Spectrum announced its decision to sell HHI to Assa Abloy for $4.3 billion in cash. In September last year, the DoJ sued to block the HHI sale. In December last year, Assa Abloy announced the sale of its Emtek and the Smart Residential Business in the U.S. and Canada to Fortune Brands, a player in the home hardware and security markets.
Spectrum now expects to close this transaction by June this year.
Analysts are cautiously optimistic about SPB stock with a Moderate Buy consensus rating based on three Buys and two Holds.
