Honeywell To Buy Civitanavi Systems For Around EUR 200 Mln

(RTTNews) - Honeywell International, Inc. (HON) said on Wednesday that it will initiate a voluntary tender offer to acquire Civitanavi Systems S.p.A. (CNS), an Italian aerospace and defense firm, for 6.30 euros per share in cash or around 200 million euros.

The purchase price represents a premium of around 27.1 percent to the 30-day volume-weighted average trading price of Civitanavi's share as of March 26.

The transaction is scheduled to be concluded in the third quarter.

Jim Currier, CEO of Honeywell Aerospace Technologies, said: "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."

Bird & Bird is acting as legal counsel to Honeywell, whereas UniCredit is acting as financial advisor.