Honeywell launches takeover bid on Civitanavi Systems

Honeywell announces its intention to acquire the entire share capital of Civitanavi Systems S.p.A. by initiating a voluntary tender offer to acquire all the shares
comprising the capital of Civitanavi for a purchase price of EUR 6.30 per share in cash (an equity value of approximately EUR 200 million).
"The acquisition will further enhance Honeywell's ability to help its customers create autonomous flight application devices in aircraft and other vehicles, and will support the alignment of Honeywell's portfolio around three megatrends, including the future of aviation and automation," said a US group note. Together with Civitanavi, Honeywell will be able to offer a broader set of technologies to its customers around the world."
The purchase price represents a premium of approximately 27.1 per cent to the weighted average trading price for Civitanavi's shares during the 30-day period prior to 26 March 2024. Honeywell has already obtained a commitment from Civitanavi's controlling shareholder, which owns approximately 66% of the group's outstanding shares,
to tender its shares in the tender offer.

Civitanavi is a leader in navigation technology and absolute time references for the aerospace, defence and industrial sectors. Both Civitanavi and Honeywell have a successful history of developing innovative inertial navigation solutions that track the position and orientation of a vehicle using accelerometers, sensors and gyroscopes. Civitanavi's offering of inertial navigation, geo-referencing and stabilisation systems will complement the technologies of Honeywell's existing navigation and sensor business. Civitanavi specialises in high-performance fibre-optic gyroscope technology that Honeywell did not previously offer in its navigation solutions portfolio.