(Finance) – Honeywellone of the largest US multinational conglomerate companies, announced the intention to acquire the entire capital social of Civitanavi Systemsa group listed on Euronext Milan and active in the field of inertial navigation and stabilization systems, Honeywell will launch a public takeover bid (OPA) voluntary to acquire all the shares comprising the capital of Civitanavi for a purchase price of 6.30 euros per share in cash (an equity value of approximately 200 million euros at closing).
The purchase price represents a premium of approximately 27.1% compared to the weighted average trading price for Civitanavi shares traded in the period 30 days prior to March 26, 2024. Honeywell has already obtained a commitment from Civitanavi’s controlling shareholder, which owns approximately 66% of Civitanavi’s outstanding shares, to tender its shares to the tender offer.
Civitanavi it will therefore leave Piazza Affari just over two years after landing on the stock exchange. In fact, it was listed in February 2022 with a placement price of 4 euros per share and a capitalization of 123 million euros. Yesterday it closed at 5.42 euros per share and a capitalization of 166 million euros. The stock has gained 17% in the past month on above-average volume and 39% year to date.
The acquisition will further strengthen Honeywell’s capabilities to help its customers create autonomous flight application devices in aircraft and other vehicles, and will support thealigning Honeywell’s portfolio around three megatrendsincluding the future of aviation and automation, we read in a statement.
“By integrating Civitanavi’s inertial sensor and technologies into Honeywell’s commercial, military, space and industrial platforms, our customers around the world will now have access to a most robust portfolio of aerospace navigation solutions to support their journey towards autonomous flight applications,” he said Jim CurrierPresident and CEO of Honeywell Aerospace Technologies.
“With this acquisition, we will be able to immediately expand our offering to customers in the European Union thanks to Civitanavi navigation solutions, a capability that we intend to further develop in the short term”, added Currier.