Honeywell has disclosed its plans to acquire the entirety of Civitanavi Systems’ share capital.
The acquisition will be pursued through a voluntary tender offer, with Honeywell seeking to purchase all outstanding shares of Civitanavi at €6.30 per share in cash, amounting to an equity value of approximately €200 million upon closing.
This move is aimed at bolstering Honeywell’s capabilities to assist customers in establishing autonomous operations within aircraft and other vehicles, aligning with Honeywell’s strategic focus on key industry trends, including the future of aviation and automation.
The acquisition is expected to enable Honeywell to offer a wider range of technologies to customers globally, catering to both traditional operators aiming to enhance the autonomous features of their existing fleets and new entrants in the Advanced Air Mobility sector.
The purchase price offered represents a premium of about 27.1 percent to Civitanavi’s 30-day volume-weighted average trading price as of March 26, 2024, the day before the transaction announcement.
Honeywell has secured the commitment of Civitanavi’s controlling shareholder, holding approximately 66 percent of the company’s outstanding shares, to tender its shares.
The transaction is anticipated to be completed in the third quarter of 2024, pending customary closing conditions, including antitrust clearance and regulatory approvals in Italy, the United Kingdom, and Canada, as well as the tender of at least 95% of Civitanavi’s outstanding shares.
Civitanavi specializes in position navigation and timing technology for aerospace, defense, and industrial markets, with a focus on innovative inertial navigation solutions utilizing accelerometers, sensors, and gyroscopes.
The acquisition is poised to complement Honeywell’s existing navigation and sensors business, particularly through Civitanavi’s expertise in high-performance Fiber Optic Gyro technology.
Jim Currier, President and CEO of Honeywell Aerospace Technologies, highlighted the integration of Civitanavi’s inertial technologies and sensors across Honeywell’s commercial, military, space, and industrial platforms, aiming to provide customers worldwide with an enhanced portfolio of aerospace navigation solutions to support autonomous operations.
Legal counsel for Honeywell in the acquisition process is provided by Bird & Bird, while UniCredit serves as the financial advisor.
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