Honeywell To Acquire COM DEV International - Quick Facts

(RTTNews) - Honeywell (HON) announced it has signed a definitive agreement to acquire Ontario, Canada-based COM DEV International (CDV.TO), a leading satellite and space components provider for an aggregate purchase price of approximately C$455 million, net of cash and debt acquired.

Honeywell is acquiring COM DEV's electrical and optical components and subsystems equipment businesses. COM DEV will simultaneously spin-off its exactEarth subsidiary to current shareholders prior to closing.

Honeywell said the acquisition of COM DEV will create significant value to Honeywell shareholders as the transaction will be principally funded with non-U.S. cash, and drive deal returns consistent with Honeywell's acquisition framework. COM DEV holds over 250 patents and employs approximately 1250 people with facilities in Canada, China, India, the United Kingdom and the United States. The acquisition is expected to close by the end of the first quarter in 2016.