Honeywell International, Inc. announced on Wednesday that it plans to voluntarily initiate a tender offer to purchase Civitanavi Systems S.p.A, an Italian aerospace and defense company. The purchase price is set at 6.30 euros per share in cash, totalling approximately 200 million euros.
This proposed price denotes a premium of roughly 27.1 percent to the 30-day volume-weighted average trading price of Civitanavi's stock as of March 26. The deal is anticipated to finalize in the third quarter.
Jim Currier, CEO of Honeywell Aerospace Technologies, commented on the strategic acquisition, stating that by incorporating Civitanavi's inertial technologies and sensors into Honeywell's comprehensive commercial, military, space and industrial platforms, they can provide customers worldwide with a broader range of aerospace navigation solutions, aiding their progress towards autonomous operations.
In terms of legal and financial guidance, Bird & Bird is representing Honeywell, while UniCredit is providing financial advisory services.
