06:39 AM EDT, 03/27/2024 (MT Newswires) -- Honeywell International ( HON ) said early on Wednesday that it intends to acquire the entire share capital of Civitanavi Systems for an equity value of about 200 million euros ($216.7 million).

Honeywell ( HON ) plans to initiate a voluntary tender offer for 6.30 euros per Civitanavi share in cash.

The price tag represents a premium of more than 27% to the 30-day volume-weighted average trading price of Civitanavi's stock on March 26, the last day of trading before the deal.

"The acquisition will further strengthen Honeywell's ( HON ) capabilities to help its customers create autonomous operations in aircraft and other vehicles," the company said. "Together with Civitanavi, Honeywell ( HON ) will be able to offer a broader set of technologies to its customers across the globe."

The acquisition is not subject to any financing condition and will likely close in Q3.

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