03:05 PM EDT, 06/20/2024 (MT Newswires) -- Honeywell International ( HON ) said Thursday it will acquire aerospace and defense technology company CAES Systems from private-equity firm Advent International for about $1.9 billion in an all-cash deal.

CAES, formerly known as Cobham Advanced Electronic Solutions, has 13 facilities in North America. Honeywell ( HON ) said the acquisition will help improve its defense offerings, including new electromagnetic defense solutions for end-to-end radio frequency signal management.

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

"As a trusted supplier and mission partner to our customers across advanced [radio frequency] capabilities, I couldn't be more excited to see CAES join the Honeywell ( HON ) team," CAES CEO Mike Kahn said.

Advent has invested "significantly" in research and development, capital and capability enhancement at CAES, said Shonnel Malani, managing partner at Advent.

Honeywell ( HON ) said it expects the acquisition to be accretive to its adjusted earnings per share in the first full year of ownership. The deal is expected to close in the second half of 2024.

Earlier this month, Honeywell ( HON ) closed its acquisition of Carrier Global's ( CARR ) global access solutions business for $4.95 billion.

The industrial conglomerate said at the time it expected second-quarter adjusted EPS of $2.35 to $2.45 on sales of $9.3 billion to $9.6 billion. Wall Street is expecting normalized EPS of $2.41 on revenue of $9.43 billion.

Honeywell ( HON ) also said at the time it projected full-year adjusted EPS at $10.15 to $10.45 on sales of $38.5 billion to $39.3 billion. The Street is looking for $10.26 and $38.79 billion, respectively.

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