Honeywell International said on Wednesday that it will initiate a voluntary tender offer to acquire Civitanavi Systems, an Italian aerospace and defence firm, for €6.30 per share in cash or around €200 million ($216.6 million).
The purchase price represents a premium of around 27.1% to the 30-day volume-weighted average trading price of Civitanavi's share as of Tuesday.
The transaction is scheduled to be concluded in the third quarter.
Jim Currier, chief executive of Honeywell Aerospace Technologies, said: "By integrating Civitanavi's inertial technologies and sensors across Honeywell's existing commercial, military, space and industrial platforms, our customers across the globe will now have access to a more robust portfolio of aerospace navigation solutions in support of their journey toward autonomous operations."
Bird & Bird is acting as legal counsel to Honeywell, whereas UniCredit is acting as financial advisor.
