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Honeywell announces its intention to acquire the entire share capital of Civitanavi Systems SpA by launching a voluntary public tender offer to acquire all the shares
components of the capital of Civitanavi for a purchase price of 6.30 euros per share in cash (a net asset value of approximately 200 million euros).
«The acquisition – says a note from the US group – will further strengthen Honeywell’s capabilities to help its customers create devices for autonomous flight applications in aircraft and other vehicles, and will support the alignment of Honeywell’s portfolio around three megatrends, including the future of aviation and automation. 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% over the weighted average trading price of Civitanavi shares in the 30-day period prior to March 26, 2024. Honeywell has already obtained the shareholder commitment controlling company of Civitanavi, which owns approximately 66% of the group’s outstanding shares,
to tender their shares to the tender offer.
The group
Civitanavi is a leader in navigation technology and absolute time references for the aerospace, defense and industrial sectors. Both Civitanavi and Honeywell have a successful history of developing innovative inertial navigation solutions, capable of tracking a vehicle’s position and orientation using accelerometers, sensors and gyroscopes. Civitanavi’s offering of inertial navigation, geo-referencing and stabilization systems will complement the technologies of Honeywell’s existing navigation and sensor business. Civitanavi specializes in high-performance fiber optic gyroscope technology that Honeywell did not previously offer in its navigation solutions portfolio.