Deal due to close in H2 (Il Sole 24 Ore Radiocor) - New York, 20 Jun - The US industrial conglomerate Honeywell said that it has agreed to acquire CAES Systems Holdings from the private equity firm Advent International for approximately 1.9 billion dollars in an all-cash transaction.

The deal represents approximately 14 times estimated 2024 EBITDA on a tax-adjusted basis, it added.

"This acquisition will enhance Honeywell's defense technology solutions across land, sea, air and space, including new electromagnetic defense solutions for end-to-end radio frequency (RF) signal management," it added.

"This acquisition further positions Honeywell at the forefront of the defense industry's most dynamic sectors and sets the tempo for continued growth across our aerospace business," said Vimal Kapur, chairman and CEO of Honeywell.

The CAES transaction, which is expected to be adjusted earnings per share accretive in the first full year of ownership, is not subject to any financing conditions and is expected to close in the second half of 2024, Honeywell added.

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(RADIOCOR) 20-06-24 19:31:51 (0698) 5 NNNN