Press release
HONEYWELL TO ACQUIRE CIVITANAVI SYSTEMS TO STRENGTHEN AUTONOMOUS OPERATIONS OFFERINGS IN AEROSPACE AND EXPAND EUROPEAN FOOTPRINT
Civitanavi's high-precision inertial navigation and stabilization solutions will help drive long-term growth across Honeywell's commercial and defense
About this update from Honeywell International Inc.
[{"type":"text","content":"Civitanavi's high-precision inertial navigation and stabilization solutions will help drive long-term growth across Honeywell's commercial and defense businessesCombination of Honeywell, Civitanavi technology will provide new opportunities for customers to enable autonomous operationsCHARLOTTE, N.C., March 27, 2024 /PRNewswire/ -- Honeywell (NASDAQ: HON) today announced the intention to acquire the entire share capital of Civitanavi Systems S.p.A. (Civitanavi or the Company) (Euronext Milan Exchange: BIT: CNS). Honeywell will initiate a voluntary tender offer to acquire all outstanding shares of Civitanavi for a purchase price of €6.30 per share in cash (an equity value of approximately €200 million at closing).\n\n \n \n \n \n \n \n\n \nThe acquisition will further strengthen Honeywell's capabilities to help its customers create autonomous operations in aircraft and other vehicles. It also supports Honeywell's alignment of its portfolio around three compelling megatrends, including the future of aviation and automation. Together with Civitanavi, Honeywell will be able to offer a broader set of technologies to its customers across the globe, whether they are traditional operators seeking to increase the autonomous capability of their existing fleets or are new entrants in the Advanced Air Mobility space.\nThe purchase price payable at closing represents a premium of approximately 27.1% to the 30-day volume-weighted average trading price of Civitanavi's stock ended on March 26, 2024, the last day of trading before the announcement of the transaction. Honeywell has already secured the commitment of Civitanavi's controlling shareholder, which owns approximately 66% of Civitanavi's outstanding shares to tender its shares.\nThe transaction is not subject to any financing condition and is expected to close in the third quarter of 2024, subject to customary closing conditions, including among the others: (i) receipt of required antitrust clearance; (ii) receipt of required clearances pursuant to the foreign direct investment regulations in Italy, United Kingdom and Canada and; (iii) the tender of at least 95% of Civitanavi's outstanding shares.\nCivitanavi is a leader in position navigation and timing technology for the aerospace, defense and industrial markets. Both Civitanavi and Honeywell have a successful history of developing inno...