Honeywell is to acquire the entire share capital of Civitanavi Systems through a voluntary tender offer to acquire all outstanding shares for a purchase price of 6.30 euros per share in cash (an equity value of approximately 200m euros). It has already secured the commitment of the controlling shareholder, which owns approximately 66 per cent of Civitanavi's outstanding shares, to tender its shares.

The acquisition will further strengthen Honeywell's capabilities to help its customers create autonomous operations in aircraft and other vehicles. It also supports Honeywell's alignment of its portfolio around three compelling 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 worldwide, whether they are traditional operators seeking to increase the autonomous capability of their existing fleets or are new entrants in the advanced air mobility space.

The transaction is expected to close in the 3Q24.

Civitanavi is a leader in position navigation and timing technology for the aerospace, defence and industrial markets. Both Civitanavi and Honeywell have a successful history of developing innovative inertial navigation solutions, which can track the position and orientation of a vehicle by using accelerometers, sensors and gyroscopes. Civitanavi's product offerings of inertial navigation, geo reference and stabilisation systems will complement technologies in Honeywell's existing navigation and sensors business. Civitanavi specialises in high-performance fibre-optic gyro technology that Honeywell has not previously offered in its navigation portfolio.

"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," says Honeywell president and CEO Jim Currier. "With this acquisition, we will be able to immediately expand our offerings to customers in the European Union through Civitanavi's navigation solutions, a capability we intend to further build out in the near-term. We look forward to adding this critical technology to our portfolio to help accelerate the growth of our aerospace business. We are excited to welcome Civitanavi's talented workforce as our newest Honeywell futureshapers."