Honeywell Announces Intention “to Acquire Civitanavi Systems at EUR6.30 per share”
Honeywell announced last week an intention to acquire the entire share capital of Civitanavi Systems (CS), reports a press release. Honeywell is to initiate a voluntary tender offer of EUR6.30 per share in cash (an equity value of approximately EUR200 million). CS is a leader in position navigation and timing technology for the aerospace, defence and industrial markets. Its share price rose 14% on the news.
The acquisition will further strengthen Honeywell’s capabilities to help its customers create autonomous operations in aircraft and other vehicles, while expanding its European Footprint.
The purchase will assist Honeywell 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 new entrants in the Advanced Air Mobility space.
The purchase price payable at closing (March 27th) represents a premium of approximately 27.1 percent to the 30-day volume-weighted average trading price of Civitanavi’s stock. Honeywell has already secured the commitment of the company’s controlling shareholder, who owns close to 66 percent of the stock, to sell.
The transaction is not subject to any financing condition and is expected to close in Q3 this year, subject to customary closing conditions.

Jim Currier
The two companies “have a successful history of developing innovative inertial navigation solutions, which can track the position and orientation of a vehicle by using accelerometers, sensors and gyroscopes,” explains the release. “Civitanavi’s product offerings of inertial navigation, geo reference and stabilisation systems will complement technologies in Honeywell’s existing navigation and sensors business.”
CS specialises in high-performance Fibre Optic Gyro technology that Honeywell has not previously offered in its navigation portfolio.
Jim Currier, Honeywell Aerospace Technologies President and CEO, commented, “By integrating Civitanavi’s inertial technologies and sensors across Honeywell’s existing commercial, military, space and industrial platforms, our customers across the globe will now have access to a more robust portfolio of aerospace navigation solutions in support of their journey toward autonomous operations.”
He continued, “With this acquisition, we will be able to immediately expand our offerings to customers in the European Union through Civitanavi’s navigation solutions, a capability we intend to further build out in the near-term. We look forward to adding this critical technology to our portfolio to help accelerate the growth of our Aerospace business.”
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(Top image: Honeywell)
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