Honeywell Buys Carrier Access Solutions For US4.95 Billion.
Honeywell Buys Carrier Access Solutions – Honeywell has acquired Carrier Global Access Solutions for $US4.95 billion – that’s 13x EBIT, suggesting Honeywell sees significant blue sky in cloud security and may be responding to conversations with its big customers.
According to Honeywell, the acquisition, which includes both hardware and software solutions, supports Honeywell’s plans to align its portfolio with 3 trends – automation, the future of aviation, and energy transition, underpinned by robust digitalization capabilities and solutions.
Carrier’s Global Access Solutions business will be merged into Honeywell Building Technologies’ business model of delivering leading with high-value solutions critical for building automation.
According to Honeywell, the Carrier Access Solutions business brings an “attractive growth and margin profile that will be accretive to Honeywell with valuable software content, resilient business model and strong sources of recurring revenue”.
The acquisition will add 3 established brands to Honeywell’s portfolio with a focus on life safety and digital access control solutions, including LenelS2, Supra and Onity.
LenelS2 is a pioneering manufacturer of cloud-based access control solutions including OnGuard and NetBox. Onity makes electronic locks for hospitality access, mobile credentials, and self-storage access with 9 of America’s 10 top hotel chains being customers.
Meanwhile, Supra’s cloud-based electronic real estate lockboxes offer mobile credentials and access management idea for applications like property showing. Aritech is not part of this acquisition and remains under the Carrier Fire & Security umbrella.
Honeywell Buys Carrier Access Solutions
“Honeywell’s strong track record delivering building automation products and services makes this a natural fit that will create a leading security platform with forecasted annual revenue in excess of $1 billion,” said Vimal Kapur, chief executive officer, Honeywell.
“By leveraging the capabilities of the combined company’s advanced security and safety systems, customers will be able to maximize their performance, efficiency and cost-effectiveness and create long-term, sustainable value.”
The transaction is expected to close by the end of the third quarter of 2024, subject to customary closing conditions, including receipt of certain regulatory approvals.
“Honeywell Buys Carrier Access Solutions For US4.95 Billion.”