Honeywell acquires Carrier Global's Global Access Solutions business for $4.95 billion in an all-cash transaction. The acquisition, which includes both hardware and software solutions, further supports Honeywell's recently announced plans to align its portfolio to three compelling megatrends: automation, the future of aviation and energy transition, underpinned by robust digitalization capabilities and solutions.
The acquisition will add three respected brands to Honeywell's portfolio with a focus on life safety and digital access solutions, including:
- Onity, which has electronic locks, including hospitality access, mobile credentials and self-storage access. Nine of the 10 top hotel chains are customers, according to Honeywell.
- Supra's cloud-based electronic real estate lockboxes has mobile credentials and access management, as well as a leading digital platform to optimize scheduling for property showings.
- LenelS2, a commercial and enterprise access solutions, including OnGuard and NetBox, used by numerous Fortune 100 customers.
When the deal closes, the combined company will be able to accelerate innovation, bringing products and capabilities to customers that are increasingly moving to cloud-based services and 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," Honeywell CEO Vimal Kapur said in a statement. "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.