Honeywell To Strengthen Building Automation Business with Acquisition of Carrier's Global Access Solutions

  • Dec 08, 2023

Honeywell today announced plans to enhance and strengthen its building automation capabilities with the acquisition of Carrier Global Corporation’s (NYSE: CARR) Global Access Solutions business for $4.95 billion, in an all-cash transaction. This acquisition will enable Honeywell to become a leading provider of security solutions for the digital age.

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 Global Access Solutions business will enhance Honeywell Building Technologies’ business model of leading with high-value products that are critical for buildings. The 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 three respected brands to Honeywell’s portfolio with a focus on life safety and digital access solutions, including:

LenelS2, a leading business for over 25 years in commercial and enterprise access solutions, including well-known offerings OnGuard and NetBox, used by numerous Fortune 100 customers.

Onity, which offers electronic locks, including hospitality access, mobile credentials, and self-storage access. Nine of the ten top hotel chains are customers.

Supra’s cloud-based electronic real estate lockboxes offer mobile credentials and access management, as well as a leading digital platform to optimize scheduling for property showings.

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,” 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 purchase price represents approximately 13x 2023E EBITDA, inclusive of tax benefits and run-rate cost synergies. The transaction is expected to be cash-EPS accretive in the first full year of ownership.

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.

Evercore Inc. is serving as financial advisor to Honeywell. Skadden, Arps Slate, Meagher & Flom, Simmons & Simmons and Womble Bond Dickinson are providing external legal counsel.

Featured

  • AI Is Now the Leading Cybersecurity Concern for Security, IT Leaders

    Arctic Wolf recently published findings from its State of Cybersecurity: 2025 Trends Report, offering insights from a global survey of more than 1,200 senior IT and cybersecurity decision-makers across 15 countries. Conducted by Sapio Research, the report captures the realities, risks, and readiness strategies shaping the modern security landscape. Read Now

  • Analysis of AI Tools Shows 85 Percent Have Been Breached

    AI tools are becoming essential to modern work, but their fast, unmonitored adoption is creating a new kind of security risk. Recent surveys reveal a clear trend – employees are rapidly adopting consumer-facing AI tools without employer approval, IT oversight, or any clear security policies. According to Cybernews Business Digital Index, nearly 90% of analyzed AI tools have been exposed to data breaches, putting businesses at severe risk. Read Now

  • Software Vulnerabilities Surged 61 Percent in 2024, According to New Report

    Action1, a provider of autonomous endpoint management (AEM) solutions, today released its 2025 Software Vulnerability Ratings Report, revealing a 61% year-over-year surge in discovered software vulnerabilities and a 96% spike in exploited vulnerabilities throughout 2024, amid an increasingly aggressive threat landscape. Read Now

  • Motorola Solutions Named Official Safety Technology Supplier of the Ryder Cup through 2027

    Motorola Solutions has today been named the Official Safety Technology Supplier of the 2025 and 2027 Ryder Cup, professional golf’s renowned biennial team competition between the United States and Europe. Read Now

  • Evolving Cybersecurity Strategies

    Organizations are increasingly turning their attention to human-focused security approaches, as two out of three (68%) cybersecurity incidents involve people. Threat actors are shifting from targeting networks and systems to hacking humans via social engineering methods, living off human errors as their most prevalent attack vector. Whether manipulated or not, human cyber behavior is leveraged to gain backdoor access into systems. This mainly results from a lack of employee training and awareness about evolving attack techniques employed by malign actors. Read Now

Most   Popular

New Products

  • Camden CV-7600 High Security Card Readers

    Camden CV-7600 High Security Card Readers

    Camden Door Controls has relaunched its CV-7600 card readers in response to growing market demand for a more secure alternative to standard proximity credentials that can be easily cloned. CV-7600 readers support MIFARE DESFire EV1 & EV2 encryption technology credentials, making them virtually clone-proof and highly secure.

  • Connect ONE’s powerful cloud-hosted management platform provides the means to tailor lockdowns and emergency mass notifications throughout a facility – while simultaneously alerting occupants to hazards or next steps, like evacuation.

    Connect ONE®

    Connect ONE’s powerful cloud-hosted management platform provides the means to tailor lockdowns and emergency mass notifications throughout a facility – while simultaneously alerting occupants to hazards or next steps, like evacuation.

  • FEP GameChanger

    FEP GameChanger

    Paige Datacom Solutions Introduces Important and Innovative Cabling Products GameChanger Cable, a proven and patented solution that significantly exceeds the reach of traditional category cable will now have a FEP/FEP construction.