Honeywell International Inc. (NasdaqGS:HON) announced the intention to acquire Civitanavi Systems S.p.A. from Civitanavi Systems Limited, Athena S.p.A. and others for approximately ?200 million on March 27, 2024. Honeywell will initiate a voluntary tender offer to acquire all outstanding shares of Civitanavi for a purchase price of ?6.30 per share in cash. The purchase price payable at closing represents a premium of approximately 27.1% to the 30-day volume-weighted average trading price of Civitanavi?s stock ended on March 26, 2024, the last day of trading before the announcement of the transaction.

Honeywell has already secured the commitment of Civitanavi?s controlling shareholder, which owns approximately 66% of Civitanavi?s outstanding shares to tender its shares. The transaction is not subject to any financing condition and is expected to close in the third quarter of 2024, subject to customary closing conditions, including among the others: (i) receipt of required antitrust clearance; (ii) receipt of required clearances pursuant to the foreign direct investment regulations in Italy, United Kingdom and Canada and; (iii) the tender of at least 95% of Civitanavi?s outstanding shares. Bird & Bird is acting as legal counsel to Honeywell in the acquisition process, while UniCredit is acting as financial advisor.

As per updated filing, The transaction is expected to close by the end of the third quarter of 2024.