(Alliance News) - Honeywell International Inc announced Wednesday its intention to take over Civitanavi Systems in a EUR6.30 per share cash tender offer.

The company's equity value as of Tuesday's close is EUR200 million. The offered price represents a 27 percent premium to the average price over the past 30 days of trading in Civitanavi, whose controlling shareholder -- who holds 66 percent -- has already given a commitment to divest its stake.

"By integrating Civitanavi's inertial technologies and sensors into Honeywell's commercial, military, space, and industrial platforms, our customers around the World will now have access to a more robust portfolio of aerospace navigation solutions to support their path to autonomous flight applications," said Jim Currier, president and CEO of Honeywell Aerospace Technologies.

"With this acquisition, we will be able to immediately expand our offering to customers in the European Union with Civitanavi navigation solutions, a capability we intend to develop further in the near term. We look forward to adding this core technology to our portfolio to help accelerate the growth of our aerospace business. We are excited to welcome the talented team at Civitanavi as our new Honeywell Futureshapers," Currier added.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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