Beacon Roofing Supply Inc. (Nasdaq: BECN), Herndon, Virginia, on Tuesday announced that it has received early termination of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with the $850 million divestiture of its Interior Products business.
Announced on Dec. 21, 2020, the deal saw Beacon agree to sell its Interior Products business to affiliates of American Securities LLC, a private equity firm, for. The transaction is expected to close during Beacon’s fiscal 2021 second quarter.
“We are very pleased to receive early termination of the HSR waiting period for the sale of our Interiors business to American Securities,” said Julian Francis, Beacon’s CEO and president. “We remain on schedule to close the transaction during our fiscal second quarter. For our Interiors customers and employees, this is an exciting opportunity to be paired with an industry leader who makes customer service its highest priority. For Beacon, the transaction represents an important strategic step that will sharpen our focus on driving growth and operational improvement in our core exteriors business and greatly accelerate our balance sheet improvement efforts.”