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.”

For more infor­ma­tion



(Top image: Hon­ey­well)

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